Goldman is going head-to-head with Silicon Valley giants for tech talent, says exec

Goldman is going head-to-head with Silicon Valley giants for tech talent, says exec
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  • George Lee, co-chief information officer at Goldman Sachs, said the bank now has 10,000 developers, making up about one-quarter of its employee base.
  • Lee said the bank is competing with Google, Microsoft and Amazon for talent.
  • In September, Marco Argenti, a vice president at Amazon Web Services, joined Goldman as the other co-CIO.

Wall Street giant Goldman Sachs is increasingly going head-to-head with the biggest tech companies for talent as it rapidly boosts its engineering talent, said George Lee, the bank’s co-Chief Investment Officer.

Speaking onstage at Goldman’s Technology and Internet Conference in San Francisco on Wednesday, Lee said that the investment bank now has 10,000 developers, making up about one-quarter of its total workforce. They’re joining from all over the world, but Lee said that the heftiest competition is coming from the likes of AmazonMicrosoftGoogle and Facebook.

“The trend is very much toward technology companies,” Lee said, when asked about the source of the bank’s engineering staff. “We need to compete at that level.”

Technology needs at the bank span from the increased reliance on cloud infrastructure to new products like the Apple Card, the credit card the bank launched with the iPhone maker last year. In hiring top engineers, Lee said the bank has to play into the trends of software, particularly open source, with a more distributed workforce and people working from cities and towns across the globe. Three locations he highlighted are Bengaluru, India; Warsaw, Poland and Dallas.

One challenge for Goldman is that developers have grown accustomed to working on the move from their laptops and communicating with co-workers from the train or local Starbucks. Because of the strict regulatory environment in which Goldman operates, Lee said the firm has to balance those preferences with “being super mindful of our obligation.”

Source: CNBC

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