![]() ![]() In the US, something similar is occurring in relation to Texas, with Dallas and Austin being key hiring locations for a number of banks. A notable example of this is Goldman Sachs, which has moved its global head of investment banking technology to Birmingham, England. The reason for the drop isn't immediately clear, but one key factor is likely to be firms near sourcing their tech teams to lower paying locations in top countries. Why is tech pay going down in financial services? That doesn't necessarily mean senior engineers are that well paid either technology ranks bottom for director total compensation among our reported divisions, below both risk and compliance. The median average is even lower, just $136.7k, meaning there are a minority of technologists in banking with huge pay packages while the rest receive pennies. ![]() The eFinancialCareers 2023 compensation report suggests that average total compensation for people doing technology jobs in investment banks has fallen 19.8%, over $30k, to $164.3k. ![]() 2023 isn't the best year to be in banking, but it's a particularly bad one to be a software engineer. ![]()
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