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Banks Confront Talent Challenge from Rapidly Growing Fintech Sector

April 22, 2019, 09:15 AM
Filed Under: Banking News
Related: Fintech

Big banks are holding their own against a rising tide of new financial technology companies, according to data released by LinkedIn; however stringent regulations and fallout from critical news headlines is creating new challenges for some of the world's largest financial institutions.

According to the LinkedIn data, five banks continue to rank among the world's 50 top businesses for new hires: Bank of America, Goldman Sachs, Citigroup, Wells Fargo and JPMorgan Chase. But two Fintechs -- Stripe and Square -- lead the pack for hiring demand, each with almost 300 open positions on LinkedIn. Meanwhile relaxed dress codes and the pressure to innovate is pushing more financial services recruits to the Fintech sector, as some of the world's largest banks scale back.

“The numbers show that people want to learn tech, and you can’t avoid the numbers,” says Eyal Sharfertz, an MBA candidate at the University of Chicago’s Booth School of Business, historically a paragon of financial theory education. Courses on coding, app development, artificial intelligence and machine learning are now increasingly cropping up on the school’s class list, he says.

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