- Goldman Sachs is looking to recruit more than 100 coders for its trading business as part of the firm’s biggest hire spree in years, according to Bloomberg.
- Adam Korn, the co-head of engineering for Goldman’s trading division, told Bloomberg that the bank wants to hire people who can help automate components of its trading business.
- Wall Street banks have been forced to adapt their trading divisions in recent years as new technology has changed how markets are made.
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Goldman Sachs is reportedly about to embark on its largest hiring spree in years. And it’s looking for coders — a lot of them.
The bank is hoping to recruit more than 100 engineers from rival firms into technical roles on its trading floor, Bloomberg reported. Adam Korn, the co-head of engineering for Goldman’s trading division, said the firm is trying bring on engineers that can help automate components of its trading business.
“You are going to see us very actively in the marketplace going after this kind of talent,” Korn told Bloomberg in an interview. “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
Equities trading within big banks has struggled in recent years as new technology has changed how buyers and sellers come together. New platforms and programs have automated plenty of mundane tasks, opening firms to reduce headcount and divert money toward improving its technology instead.
Goldman has one of the largest trading operations on Wall Street, and its move to hire more engineers on its trading floor is a telling sign of which direction the industry is going.
According to Bloomberg, the hiring effort was approved earlier this year after Korn pitched it to David Solomon, Goldman’s CEO.
“The leadership group was excited and interested and the firm is putting money where its mouth is,” Korn said.
Part of the plan is to continue developing Marquee, a trading and risk management program that Goldman hopes will help elevate its trading division.
Goldman Sachs generated more than $2 billion in trading revenue last quarter, falling behind Morgan Stanley which has maintained the lead spot in equities trading among Wall Street banks over the last several years.