Junior investment bankers are increasingly gravitating towards large tech firms after a couple of years working in the industry, hopping into hot roles in growth areas unconnected to their corporate finance experience.
The latest associates to leave banking for tech is Nicholas Lowden, who worked across both M&A and equity capital markets in London and Sydney during his three years at Credit Suisse. He’s just joined Uber in London as an operations manager with it analytics team.
Undoubtedly working in investment banking exposes analysts to vast amounts of data analysis, but Lowden has made the switch into data science for his new role at Uber.
Latterly, he worked in equity capital markets for Credit Suisse in Sydney. This followed two years in London within its UK M&A team.
Lowden is the latest example of junior investment bankers quitting the industry for a tech firm shortly after their formal training finishes. Deliveroo, the food delivery firm set up by former Morgan Stanley investment banker Will Shu, has been particularly successful in hiring analysts and associates from bulge bracket banks.
It brought in Carlos Ventura, an associate in the TMT M&A group at Goldman Sachs, in a corporate and strategy development role in March. This follows the arrival of Alex Cornish, an analyst in Deutsche Bank’s TMT group who joined in a finance role in January.
While these two moves draw on their investment banking expertise, other switches are less connected to the sector. Alex Robinson, who was an associate in Citi’s ECM team, moved to ‘ride-sharing’ app, Gett, as a business analyst. Ilja Moisejev left Bank of America Merrill Lynch in March to join payments firm GoCardless as a project manager.
Investment banks have cottoned on the fact that they’re in a battle with top technology firms for graduates that would have previously gravitated to high-paying and prestigious jobs in the financial sector. It’s more worrying for them that juniors are choosing technology after just a couple of years working in banking.
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