Investment banking giant Goldman Sachs is planning on adding 100 new jobs to its trading divisions according to a new report by Bloomberg.
But the US firm is not looking for Wolf of Wall Street-style salespeople. No, the company is instead only going to be hiring coders, with most new hires likely to be based in London or New York.
Adam Korn, co-head of engineering Goldman’s trading division, told Bloomberg that his team would be raiding competitors in the financial services industry, as well as looking to onboard coders from the technology world.
“You are going to see us very actively in the marketplace going after this kind of talent,” Korn said. “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
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The new plan was approved by senior executives at Goldman Sachs. Korn noted that he had to present his plan as though it were an investment pitch.
“We walked in there with our ‘Shark Tank’-esque plan,” Korn said. “The leadership group was excited and interested and the firm is putting money where its mouth is.”
Once they join the group, many of these new hires will be working on Marquee, a trading and risk-management platform that Goldman Sachs has been developing for several years.
Work on the platform has progressed well. In the first quarter of this year, the company reported revenue of more than $2 billion from equities trading – the first time it had made that much in years.