Bankers are taking 7-figure pay cuts to leave Wall Street for a particular kind of startup
Flickr/otubo
According to a Bloomberg article Sunday, the world of fintech has become more appealing to bankers as they look for a change in career and technology advances in finance.
Although the switch means going from making high figure salaries to nothing, bankers told the publication that the potential impact and opportunity in their work was worth the cost.
The article cites data showing that the biggest banks in the U.S. and U.K. have cut headcount by 350,000 since 2008. Bond brokering jobs have also decreased by 212,000 since then.
In contrast, tech positions such as software development and cybersecurity are plentiful at more than 500,000 openings. McKinsey & Company data also counts more than 12,000 startups in banking right now.
Slightly more than half of employees surveyed at European banks were contemplating a job change this year. One employee at an executive search firm told Bloomberg he's seen a notable uptick in interest in the past five years.
"Seven out of ten conversations I have with investment bankers now end with them asking me to keep them in mind for jobs in technology," Eric Anderson from Egon Zehnder International told Bloomberg.
- I spent 2 weeks in India. A highlight was visiting a small mountain town so beautiful it didn't seem real.
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- 8 Lesser-known places to visit near Nainital
- World Liver Day 2024: 10 Foods that are necessary for a healthy liver
- Essential tips for effortlessly renewing your bike insurance policy in 2024
- Indian Railways to break record with 9,111 trips to meet travel demand this summer, nearly 3,000 more than in 2023
- India's exports to China, UAE, Russia, Singapore rose in 2023-24