- Goldman Sachs announced it is going to recruit over 100 developers for its trading business in the coming months
Goldman Sachs announced it is going to be recruiting over 100 developers for its trading business in the coming months, according to Bloomberg. Adam Korn, a managing director at Goldman Sachs, plans to poach talent from its rivals in the tech and finance industries to gain the best talent.
“You are going to see us very actively in the marketplace going after this kind of talent,” said Korn via Bloomberg. “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
And Korn said that the goal is to add people who can respond to the automation demands of trading partners.
Traders are the party between buyers and sellers of stocks and bonds. And the rapid advancements in technology have changed the way that business gets done. For example, firms are able to cut staff as automation takes over. And banks are able to respond to these changes by allocating more resources to technology.
The hiring of 100 coders would put Goldman Sachs on its largest hiring spree in years. These hires would be essential as Goldman has one of the biggest trading operations on Wall Street. This hiring program was actually approved by Goldman Sachs Chairman & CEO David M. Solomon earlier this year.
“We walked in there with our ‘Shark Tank’-esque plan,” added Korn via Bloomberg. “The leadership group was excited and interested and the firm is putting money where its mouth is.”
The team that Goldman hires will continue building out the Marquee trading and risk management platform. And the goal is to reduce the trade time and process more requests while delivering faster responses to queries and generating more trades. Goldman Sachs’ Co-Head of the Securities Division Engineering Raj Mahajan is credited for building out this technology that backs the equity trading operations.
