FT: IT-specialists are more willing to go to banks and exchanges in a downturn in technology companies

Banks, exchanges, brokers and other Wall Street companies have recently found it easier to attract IT specialists than in previous years. Writes about it Financial Times. Previously, financial companies had difficulty hiring such specialists, as they preferred to go to technology and cryptocurrency companies, now the situation is changing.

This is due to the fact that many technology and cryptocurrency companies are experiencing difficulties and laying off employees. According to Layoffs.fyi, a total of 75,000 employees have been laid off in this area this year. In particular, it was reported that Microsoft and Facebook announced to hundreds of contractors the early termination of contracts with them. Large companies, including Apple and Alphabet, have suspended or significantly slowed down the hiring of new employees.

At the same time, in the face of market volatility, Intercontinental Exchange, which manages the New York Stock Exchange and some other exchanges, has grown its technical team by more than a quarter this year. The NASDAQ also notes the influx of IT professionals, including those who previously left the company.

“We are definitely seeing an influx of candidates from technology and cryptocurrency companies, as well as leading startups. Candidates are now looking at the labor market more realistically, just as investors look at value and financial performance during a downturn,” said Josh Woods, head of systematized trading (a type of algorithmic trading where investment decisions are made automatically) at brokerage Citadel. Securities.

Yana Rozhdestvenskaya