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Why Bankers Are Leaving Finance for No-Salary Tech Jobs

Why Bankers Are Leaving Finance for No Salary Tech Jobs Bloomberg Business


“Seven out of 10 conversations I have with investment bankers now end with them asking me to keep them in mind for jobs in technology,” said Atlanta-based Eric Anderson, who leads the financial-technology practice at Egon Zehnder International Inc., the executive search firm hired by Standard Chartered Plc to replace Chief Executive Officer Peter Sands. “That almost never happened five years ago.”

North America had 212,100 fewer bond brokering jobs and other roles defined by the U.S. Bureau of Labor Statistics as credit intermediation in January, versus the start of 2008, according to the latest data available. By contrast, there are currently more than 500,000 job openings in areas such as software development and cybersecurity, many of which didn’t exist a decade ago, White House data show.

Four of the biggest U.S. and U.K. banks have reduced total headcount by almost 350,000 since the beginning of 2008, according to data compiled by Bloomberg.

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Good that people think about creating something of value.

Bad that people piled into tech indiscriminately in the first bubble in the 1990s.

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