Menu IconA vertical stack of three evenly spaced horizontal lines. Every year, Lloyd would give the tech division an annual speech, saying how we were a tech programmers on linkedin,” a former Goldman Sachs engineer said to Business Insider.
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Lloyd is Lloyd Blankfein, CEO of Wall Street investment bank Goldman Sachs. And believe it or not, Goldman has more programmers and engineers working on tech matters than Facebook. According to Goldman’s tech team members who spoke with Business Insider, of about 33,000 full-time employees at the bank, 9,000 of them are engineers and programmers. Facebook’s total payroll, which includes non-tech personnel, consisted of 9,199 workers as of the last day of 2014, it said in its annual filing with the SEC. That number includes the many non-tech employees who are there to support and sell the product. Facebook and Twitter don’t offer breakdowns of their staffs.
The massive on-boarding of tech talent shows just how seriously investment banks regard technology as a means of security and infrastructure. It also highlights the needs of the financial services industry at a time when programming talent is at a premium in numerous sectors. In New York, it’s a common complaint of venture capitalists and CEOs that the cream of the technology crop is regularly scooped up by Wall Street. And, because Goldman still employs more people in New York City than anywhere else, this means continued plans to staff up where the bank is headquartered, although it still has engineers spread out across the US in places like Salt Lake City, and in 15 other countries as well.
Goldman doesn’t break down what its programmers do by category. The bank has made numerous investments in technology and financial services in post-crisis years. Other banks were less than forthcoming about tech teams, when contacted by Business Insider: Morgan Stanley, JP Morgan, Citigroup and Bank of America each declined to discuss their headcount or the percentage of their workforce that is made up by technology specialists. It’s common for investment banking tech professionals to cycle between the largest top-tier banks, an ex-Goldman employee said.