Daily Management Review

FT: IT professionals are willing to work for banks and stock exchanges as tech companies decline


Recently, banks, stock exchanges, brokers, and other Wall Street businesses have found it simpler to recruit IT specialists, reports The Financial Times.

Financial institutions previously had trouble finding such people because they tended to turn to technology and cryptocurrency startups, but things are now changing.

This is a result of the problems and layoffs numerous cryptocurrency and technology companies are going through. According to the website Layoffs.fyi, this industry has let go a total of 75,000 workers this year. Particularly, it was reported that Microsoft and Facebook informed hundreds of employees that their contracts would end early. Major businesses have stopped or considerably slowed hiring new personnel, including Apple and Alphabet.

In turn, Intercontinental Exchange, which operates the New York Stock Exchange and numerous other exchanges, has increased the size of its technical team this year by more than a quarter despite the erratic nature of the markets. Additionally, NASDAQ noticed an influx of IT professionals, including some who had previously left their companies.

source: ft.com