The document summarizes the Q1 2015 technology hiring trends in the Americas market. It finds that while bonuses were down in previous years, economic optimism is leading to rising pay packets. Demand remains high for developers in languages like Python, Java and Scala, as well as data analytics and cyber security skills. Location strategies continue to focus on lowering costs, while the payments industry is undergoing changes to modernize faster payment capabilities. In summary, technology remains a key driver for financial services firms to control costs while managing regulatory pressures and innovation.

1. Spring
Q1,2015:AmericasMarketUpdateJustindeFerry,ManagingPartner,omsonKeene,NewYork.
Technology hiring trends and major
topics.
Total compensation packages and
general remuneration trends remain
a source of constant discussion.
Bonuses actually have become a
‘bonus’ in the past few years, but
with general economic optimism,
pay packets are, on the whole,
heading in an upwards direction.
For 2014-2015 there was still a
relatively high proportion of
disappointment in bonus pay-outs,
but less so than the previous couple
of years. eFinancial Careers, for
example, reported in April that 47%
of Morgan Stanley employees were
‘happy’ with their bonuses, against
22% at Bank of America.
Employees’ confidence in moving to
a competing firm is on the rise,
especially those moving from the sell
side to the buy side with the pay gap
between these businesses
diminishing. For SME talent,
whether this is from a development
standpoint (Python, Java, Scala, C#,
Data Analytics) or a more regulatory
and compliance angle, the contract
Skill sets in demand.
The start to 2015 has produced
mixed results on Wall Street, though
there’s a general trend of positivity
across major banking organisations.
Increased activity and volatility have
helped lift both fixed income and
equities trading performance, albeit
not in the same proportions amongst
competing firms. Anticipation of the
first interest rate hike by the US
Federal Reserve is very much on the
minds of decision-makers who are
concerned it may affect performance
in coming quarters.
Macro level Q1 reporting highlights
include: JPMorgan’s fixed income
trading business posting a 20%
year-on-year increase in revenues
and Goldman posting year-on-year
10% increases in FICC. Bank of
America, however, had a tougher Q1
because of its business mix, with
FICC revenues falling 7% year-on-
year.
or interim market is still very
buoyant. This is a result of a/ the
limited supply of people with domain
expertise, and b/ organisations still
requiring a more flexible workforce to
tackle shifting priorities and FTE
budgets.
Location strategy remains a
constant focus. Cost-challenges
remain for many firms actively
hiring. Relocation of head-count to
satellite locations, such as North
Carolina, and the Midwest remains
prevalent, and there is an increase in
talent-sourcing for Toronto and
Montreal which are becoming
established alternative venues. New
Jersey is also becoming increasingly
popular with Wall Street firms such
as Goldman’s 30 Hudson Street
office, as state taxes become a tool
to encourage firms to relocate.
The ever-increasing impact of cyber
threats has seen an increase in
responsibility for the Chief
Information Security Officer (CISO)
and their place in the C-suite. This is
a role that would previously have
been bundled up under the remit of
the CIO. But the CISO and team are
now viewed as a distinct position in
their own right. Notable
organisations strengthening their
talent pool in this area during Q1
include Bank of New York Mellon,
Deutsche and JPMorgan.
From a broader industry perspective
the US payments industry is
undergoing considerable change in
its faster payments capabilities. The
existing framework is deemed to be
considerably behind its counterparts
in England and more broadly Europe
(mostly due to the scale and
complexity of the US banking
system).
The Federal Reserve has recently set
up a task force to revolutionise this
domain and invited applications from
325 participants to assist in the
ongoing development and innovation
of the sector. 36% of the
applications have been from the
financial services industry, 23% from
technology firms, and the remainder
a mix of payments-aligned
organisations. The fragmentation of
this industry is providing many
opportunities for tech firms,
established and new. Companies
staking a claim to the faster payment
industry vary from smaller, but
rapidly-expanding firms such as
Earthport, through to large
corporates such as Citi and HP with
a number of white-label initiatives.
In summary: technology is still very
much a driving force in the
successful operation of financial
services organisations across the US.
The challenges in 2015 are for firms
to control costs and ensure they
have a flexible workforce, whilst
managing the ever-changing
dynamics of regulatory pressure
versus innovation.
Skill sets in demand.
Developers across Python, Java,
Scala primarily
Cyber security SMEs
Data analytics and big data
architects
BAs across front office and
downstream compliance/regulatory
teams

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