If you want to see the big-swingers of the future in investment banking, don’t look on the trading floor – they’re more likely to senior employees based in technology teams.
eFinancialCareers reports that with IT budgets more restricted, and banks realising the benefits of getting the right person in place to lead secure a bigger competitive advantage through technology, there’s a quiet battle for talent at the senior end of investment banks’ tech teams.
'All the banks are trying to steal a march on each other, and realise this is no longer through poaching a team of traders, but by bringing in the right CIO or CTO, who can then draft in his trusted lieutenants with a proven track record', said Paul Bennie, managing director of IT in Finance headhunters Bennie MacLean Associates. 'It’s a very limited pool of talent'.
'Investment banks are becoming increasingly aware of how technology permeates every aspect of their business', adds Shawn Banerji, executive director within the financial technology division of headhunters Russell Reynolds Associates in New York. 'This means taking on people who can not only deal with the influx of regulatory requirements weighing down technology requirements, but banks also want true innovators'.
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