Traditionally, private banks have never been big spenders on technology, particularly compared to other areas of the financial sector, but times are changing.
Tech budgets are growing and are being directed towards front-end client experience initiatives and support for client relationships, but there’s also an imperative to replace manual processes in the back office and replace legacy systems. A couple of years ago, for example, RBS-owned Adam & Co cut around 130 back office staff as an “unfortunate” consequence of upgrading its tech systems.
All this has increased their appetite to hire technologists. With opportunities shrinking elsewhere in the financial sector, you may wish to consider a move across to a private bank.
Broadly, however, you will have to accept a slight pay cut. We’ve outlined the bonuses and salaries being paid to technologists below – courtesy of recruiters Astbury Marsden – and the highest paying position is for Java developers with product knowledge, where it’s possible to earn £132k.
Quant developers are also well-paid with potential for a £110k package, while (rather obviously) programme managers are among the best remunerated with a potential £115k pay packet.