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Who Has the Best IT Department on Wall Street?

If you’re a Financial IT professional looking for the best tech departments on Wall Street, then this article is for you. There are many ways to judge what makes an IT department stand out, so we decided to go directly to the source and ask the people who actually work in the field who has the best.

In a survey of 144 fin-tech professionals, here are the top five IT Departments:

- Goldman Sachs

- J.P. Morgan

- Bloomberg

- Renaissance Technology

- D.E. Shaw

As for what put Goldman Sachs at the top of the list, eFinancialCareers Managing Director for North America, Constance Melrose, said it “was praised for the quality of their people, processes and pragmatic attitude.”

Melrose noted that financial firms conduct business in increasingly complex markets, and that “Goldman stresses that their tech teams must continually find new ways to realize their goals and respond to changing market conditions to create opportunities for their clients.”

In second place was J.P. Morgan, which according to Melrose, received votes for its “exceptional process management which allows their tech department to deliver big projects on-time and on-budget was a frequent refrain on why this firm is one of the best.”

Bloomberg came in third, primarily because its core product, the Bloomberg Professional service, is used by more than 300,000 professionals for data, analytics and market making news. Wall Street’s tech professionals give them high marks for research and development effectiveness and view Bloomberg as a key vendor.

Renaissance Technologies and D.E. Shaw round out the top five. “It’s not a big surprise that these well-known quantitative giants made the list,” said Melrose. “Although D.E. Shaw has branched out into other strategies, Renaissance maintains its focus of applying advanced methods to the modeling of financial markets.”

As for the overall fin-tech job front, the market for IT pros in the financial services industry is healthy and growing. Recruiting for tech professionals on Wall Street is up 43% year over year, according to the job postings on this site. Also, September marks the 18th straight month of growth in the fin-tech sector.

The massive restructurings underway could actually be having a positive impact on IT hiring.
“Now it’s likely they’ll be leaned on again to streamline operations, all while not allowing their firm to have a misstep in client service,” concludes Ms. Melrose.

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