There was a headline last year that caught my attention: “Citi Wants Analysts to Add Python to List of Languages on Resume” .
Python or R languages have been widely used in astronomy and weather and other kind of modelling for research and have become the default languages in data science in general—be it in HR data science or Airbnb listing analysis or looking at stock trading data. Also Matlab used to be a thing but it’s awful, don’t learn Matlab. Open source wins.
Jeff Bezos’ previous employer, DE Shaw, is a technology-first hedge fund who hires a lot of coders.
Last year, the bank began teaching computer programming to first-year analysts.
Any ex-front office traders here on community?
Headcount at banks’ trading desks has been falling yet those with software dev skills can get a nice $ paying job at those same banks. If that’s your cup of tea .
Bloomberg in May again: Bloomberg - Are you a robot?
Citigroup Inc. isn’t just teaching traders how to code, it’s also making sure its coders know how to trade.
The company has invited second- and third-year analysts from across its markets and technology teams to apply for Citigroup’s newly formed Markets Acceleration Lab. The firm hopes to select around 12 people to be part of the lab, which kicks off this fall, and use technologies such as machine learning and artificial intelligence to help solve problems in the firm’s trading business.
Traders need to add new skills to protect their jobs as more activity moves to electronic channels and banks seek to cut costs amid a years-long trading revenue slump. Headcount at the biggest banks’ trading desks have fallen each of the last five years, according to Coalition Development Ltd.
“The intersection of quantitative, technical and markets knowledge is critical,” said Deirdre Dunn, the bank’s regional head of markets for North America. “This is something we’ve been trying to foster in many different ways.”
The group could be tapped to solve a variety of problems, from expanding the firm’s electronic trading businesses to creating visualization tools or optimizing the way Citigroup uses its balance sheet, said Nikhil Joshi, who leads technology for the bank’s global spread products group. If a trader needs a better understanding of certain technologies or a technologist needs to learn how equity markets work, the lab will provide that training, he said.
“The goal here is to attract and create a pipeline of unique talent, and position it in a way that is an alternative and an accelerated career path,” Joshi said.
Citigroup has been boosting technology investments in its markets business. In September, the firm formed Spread Products Investment Technologies, or Sprint, to back fintech companies that could reshape debt markets. Last year, the bank began teaching computer programming to first-year analysts.
Goldman is also going deep in blockchain: