This time last year, most investment banks were recruiting heavily for technology in the UK. Most firms had more than 100 vacancies and many of these were related to front office technology projects.
In 2012, tech budgets are both smaller and more strained by regulatory requirements, so it’s perhaps not surprising to see fewer opportunities currently. However, despite this, there are a still a decent number of opportunities, which suggests that IT hiring is relatively resilient.
Based on the vacancies within some of the major banks, here’s where you’re most likely to secure a new position currently.
1) Barclays (75 vacancies):
Within its investment bank, Barclays appears to be mainly focusing its recruitment efforts around its FX business. As well as development roles, it’s hiring for testing and release manager positions, related to its BARX FX platform. There are also roles related to FICC technology – specifically, commodities, rates and credit risk (for both development and project management roles).
2) UBS (70 vacancies):
All of UBS’s UK vacancies are based out of London, but it’s worth noting that no jobs are related to its investment bank. Instead, they’re all related to its corporate center – or the division that focuses on finance, risk and operations.
Among the development and project management roles around risk analytics and operations, however, there are also jobs to its FX e-trading platform and equities technology as well as someone to focus on social media strategy.
3) J.P. Morgan (70 vacancies):
Not surprisingly, a large proportion of J.P. Morgan’s UK based tech roles are based in its development centres in Bournemouth and Glasgow, or relate to its custody arm Worldwide Securities Services. However, there are also roles related to front office investment banking projects.
Specifically, J.P Morgan is looking to recruit London-based developers for equity finance and derivatives projects, its hedge funds business and derivatives risk management. Object oriented programming skills crop up in the job descriptions a lot.
4) Citi (55 vacancies):
In-keeping with its move towards nearshoring, a large proportion of Citi’s investment banking tech roles are within its centre of excellence in Belfast. The jobs that have remained in the City are either relatively senior or require a close proximity to the trading floor. Hence Citi is hiring a number of tradefloor desktop support engineers, project managers and business analysts in London, but the majority of development roles are based in Belfast. Citi is hiring for an FX options platform developer and a credit front office developer based out of its London office.
5) Deutsche Bank (42 vacancies):
Deutsche Bank appears to be focusing its tech recruitment at the relatively senior levels. There are a number of project and programme manager roles, while more technical positions include lead solutions architects within its GTO division (where it’s also hiring for business analysts), as well as senior developers within its high frequency alpha research team – a small team of “high calibre technologists”.
6) Credit Suisse (38 vacancies):
Like many banks, Credit Suisse is focusing on developing its FX platform and also has job roles for commodities IT. Generally, the current vacancies are a mixed bag - with infrastructure, grid computing, equity derivatives and prime financing roles all up for grabs.
7) Bank of America Merrill Lynch (22 vacancies):
BAML is moving more of its UK-based IT roles to its Croydon development centre, so a large proportion of the current vacancies – including business analyst and development roles – are based there. In London, it’s recruiting for development roles related to operations, a structured products e-commerce platform and its iTrader credit front office trading system.
8) Royal Bank of Scotland (17 vacancies):
It’s worth noting that just three of the 17 current job vacancies within RBS’s tech team relate to its investment bank. Specifically, it’s looking for a developer for its high frequency trading team, FX and a business analyst for a structured credit programme. The majority of other roles relate to its group functions including, interestingly, a development role for its private cloud.
9) Goldman Sachs (16 vacancies):
Goldman is making a well-publicised push into FICC technology, and some of current roles reflect this. However, less excitingly, other positions are focused on operations and clearing technology.
10) Morgan Stanley (15 vacancies):
Morgan Stanley has a few development roles for front office platforms, notably an electronic trading developer for the equity, fixed income and commodity divisions and an interest rate derivatives project. However, the majority of current roles relate to either information security, database administration and back office processes.