Large investment banks are not financial services organisations, they’re technology companies. Banks employ many thousands of technologists, all attempting to gain an edge over the competition and the fintech start-ups threatening their business models.
So says J.P. Morgan – which has 40,000 technologists and 18,000 developers creating “intellectual property. Goldman Sachs too spent the last year bolstering its tech functions and has 25% of its total headcount in IT.
One of the major selling points has been the pay on offer. But what can you really earn as a developer working in an investment bank in London? Financial technology recruiters iKas have just released their 2016 salary survey for banking technology. Despite the ongoing focus on regulatory technology projects, developers connected to the front office still earn more than anywhere else.