Quants are confident their jobs are safe... technologists (mostly) too
2023 was a year marred with layoffs, and technology divisions were no exception. However, on the whole, developers are confident that they'll be keeping their jobs; as part of our bonus expectations survey, we asked if respondents feared for their job security and only 31.3% of technologists said yes.
Engineers have faith in their hard skills. One Goldman Sachs VP says "technology is still in demand," while another says "many potential employers" are interested in him due to his "desirable skills." A tech director in a US bank also says he's not worried because "I'm the best here at what I do."
Still, there are clearly some people worried about the future; the most often cited cause for fear was "news of cuts happening [last] quarter," from those in the cutting companies like Citi and outside them. Senior engineers in both Paris and London have said that their employers "need to reduce costs."
Quants, contrastingly, are a lot more confident: just 22.5% of respondents in that sector feared for their job security. For some this is because they're newer hires, while a quant director at one bank says "in the short term at least, I think my role is strategically important."
While not worried about their current jobs, some quants and technologists have instead shifted their focus to new ones. One female engineering VP is looking for "a change of environment," while a quant looking for a buy side switch says it's because "quants are heavily underpaid compared to sales and trading on the sell side."
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