Hailey Johnson
Coding jobs in banks do exist, but they come with their own set of challenges. Some people who have left coding jobs at banks have cited issues such as ageism, high stress, limited flexibility, and bureaucracy as reasons for their departure. On the other hand, some coders in banks feel valued and well-compensated for their work, particularly those in specialized roles or on strats teams. While banks emphasize risk management across various departments, coders in these environments may encounter political obstacles and limited opportunities for career advancement. Ultimately, the decision to work as a coder in a bank depends on individual preferences and circumstances.
| Characteristics | Values |
|---|---|
| Job Roles | Senior iOS Software Engineer, Senior Android Software Engineer, Site Reliability Engineer, Social Media Specialist, Senior Programmer, Banking Associate, Trustee, Quantitative Analyst, Processing Clerk, Data Analyst, Anti-Money Laundering Analyst, IT Support, Software Developer, Programmer |
| Skills/Languages | Python, Java, Scala, SQL, C++, Verilog, VHDL, Rust, Spring, Jenkins, Sybase |
| Pros | Good pay, high-quality life, remote work, less bureaucracy, growing industry, less stressful, more flexibility |
| Cons | High-stress, limited flexibility, limited career progression, less innovative, cutting costs, immense politics, long hours, job insecurity, low pay |
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What You'll Learn
Job relocation and pay cuts
There are jobs for coders in banks, but the work environment and career progression prospects may vary. Some former employees have reported that technologists are considered second-class citizens in banks, with traders being the ones in charge. There is also immense politics in the technology team, and the work may not involve innovative technologies. Most banks are cutting costs, so your work will likely focus on maintaining the infrastructure.
In terms of job relocation and pay cuts, there is evidence of both trends in the banking industry. Firstly, job relocation has been observed in banks moving jobs from major cities like London to "low-cost locations" like Poland or Belfast. These moves are driven by cost-saving measures, and employees may be faced with a choice between relocating or losing their jobs. While some may choose to relocate for a lower cost of living and a potentially higher quality of life, others may be unwilling or unable to make such a move.
Additionally, pay cuts and job losses have been prevalent in the banking industry. Several major banks have announced plans to reduce their workforce, with some already having cut thousands of jobs. For example, Wells Fargo has cut 50,000 jobs in the last three years, and Goldman Sachs laid off 3,200 employees at the start of 2023. Other banks like Citigroup, Bank of America, and Morgan Stanley have also made significant job cuts. These cuts are attributed to various factors, including cost-cutting measures, strategic shifts, and a slowdown in certain areas of banking, such as investment banking and consumer finance.
It's important to note that the banking industry is undergoing a significant transformation due to digitalization and the implementation of AI. This has resulted in the closure of thousands of bank branches and the reduction of jobs for branch workers. At the same time, there is also a demand for digital professionals, designers, programmers, and banking customer experience experts. So, while there may be job losses in some areas of banking, there could be opportunities for coders and other digital specialists, especially as banks increasingly turn into technology companies.
Overall, when considering job relocation and pay cuts, it's crucial to stay informed about the specific circumstances within your bank and the industry as a whole. While relocation may be presented as a cost-saving measure, it can also impact employees' quality of life and job satisfaction. Similarly, pay cuts or job losses may be more prevalent in certain departments or banks undergoing strategic shifts. Staying aware of these trends and adapting your skills accordingly can help you navigate the evolving landscape of the banking industry.
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Career progression and ageism
Banks have made efforts to create technical tracks for career progression, with titles such as "technology fellow" or "senior engineer" at Goldman Sachs and "distinguished engineer" at Citi, JPMorgan, and Morgan Stanley. However, it is uncommon for developers in banks to progress beyond the vice president (VP) level due to the business-focused criteria for promotions to managing director (MD) roles. As a result, coders who want to advance their careers and achieve higher salaries may need to transition into management or other areas like project management, risk management, or quantitative analysis.
Ageism is a known issue in the technology industry, and banking is no exception. The average ages of employees at tech companies like Facebook and Google are relatively young at 28 and 29, respectively. This trend is reflected in the 2019 Stack Overflow Developer Survey, which found that 41% of programmers have five years or less of professional experience, and 82% have less than 15 years. As developers age and gain experience, they may feel out of place in an industry dominated by younger professionals.
Within banks, older developers tend to work on specific projects and are often assigned to functional languages like F# and Clojure, while inexperienced developers start with Python or PHP. While some developers choose to remain in coding roles, they may face limitations in terms of career progression and compensation. Those who transition into management roles may find themselves in a lottery-like situation, where advancement opportunities are limited by factors beyond their control.
To address the issue of ageism and promote career progression for coders in banks, some developers suggest job hopping, taking on international assignments, or leveraging mentorship opportunities with more senior colleagues. Additionally, banks can play a role in creating diverse and inclusive work environments that value the expertise and contributions of developers of all ages.
In summary, while banks offer technical tracks for career progression, ageism and the industry's focus on youth can impact the advancement opportunities for coders, especially beyond the VP level. Developers who wish to progress further may need to explore management or other specialized areas within the bank. Addressing ageism and creating inclusive environments will be essential to retain talented coders and promote their long-term career satisfaction and growth within the banking sector.
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Work culture and politics
Working in a bank as a developer or coder comes with its own set of unique cultural elements and political dynamics. While banks offer a range of excellent job opportunities, it's important to consider the specific work culture and politics within the banking industry.
In terms of work culture, banks have traditionally been viewed as financial institutions rather than technology companies. Technologists or developers might be considered second-class citizens within the organization, as the traders are typically the ones in charge, especially near the trading floor. This power dynamic can influence the work culture and the perception of developers within the bank. Additionally, banks tend to prioritize cost-cutting measures, which often means that developers are tasked with maintaining existing infrastructure rather than innovating with new technologies. This can limit career progression and opportunities for creative problem-solving.
The political landscape within the technology teams in banks can be quite intense. Developers might find themselves navigating complex power dynamics and dealing with resistance to change. Some developers have been working with the same languages, such as VB, since the 1990s and are reluctant to adopt new technologies. This resistance to change can create political friction within teams and hinder the overall progress of the organization.
However, it's worth noting that not all banks are the same, and there are always teams working on new projects, whether it's rewriting old code or developing something entirely new. Banks are also trying to update their systems, but the scale and complexity of these updates can be challenging. The transition to newer technologies may take time, and developers might have to wait several years before they can fully utilize their updated skills.
The work culture and politics in banks can vary depending on the specific institution and its financial situation. Some banks are investing in new technologies and shifting towards a more hybrid model, while others are moving jobs to "low-cost locations" to cut costs. The location of the job can also impact the work culture and opportunities for growth, as larger cities like London may offer different experiences compared to smaller cities or other countries.
Overall, while banks offer job opportunities for coders, it's important to be aware of the unique work culture and political dynamics within the industry. Developers in banks may need to navigate power struggles, resistance to change, and limited opportunities for innovation. However, there are also chances to work on new projects and gain valuable experience, especially in banks that are actively investing in technological advancements.
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Demand for specific programming languages
Banks have specific programming language requirements, and these can vary depending on the project, the bank's history with legacy systems, and the specific role being hired for.
Some of the most in-demand languages for finance and Fintech include C#, C/C++, Java, Python, and COBOL.
Java is a versatile and secure language that can run on any device or system. It is used in core banking systems, ATM networks, and internal applications. Its popularity is due to its ability to handle large amounts of data securely and consistently. Java is also relatively easy to learn and has been a critical Fintech programming language for over 25 years. It is the most popular language in financial services, with around 18% of technology jobs requesting experience with it.
Python is another language that is well-suited for finance due to its ability to handle mathematical operations and its vast collection of pre-built tools for financial data analysis. It is designed to be easy to read and write, making it accessible to non-programmers. Python is also expected to increase in popularity due to the rising demand for collaboration between banks and other financial institutions. Python has unique modelling capabilities, and its relative ease of use has caught the eye of analysts, traders, and researchers.
C# is a high-level language created by Microsoft, known for its ability to create complex systems and large projects. It has high backward compatibility, allowing the new version to work with the entire environment of the previous version.
C/C++ is a fast and efficient language with a wide range of applications, often used in Fintech. It can create complex, multi-level systems with greater security due to its specific compiler.
COBOL is a legacy language that has been used as the foundation of banking systems for many years. It was created specifically for business applications and excels at processing large batches of transactions with perfect accuracy and decimal precision. According to Reuters, around 43% of global banking IT systems are created using COBOL. However, it is facing a skills shortage as few new programmers are learning it, and updating COBOL systems can be challenging and expensive.
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Work-life balance
Working in a bank as a developer or programmer can offer a good work-life balance, but this may vary depending on the specific bank and its location. Some people who have worked in banks have shared their experiences on Reddit, with one person mentioning that working in an EU bank provided a more relaxed pace, without the pressure of rushing things, doing overtime every day, or competing with colleagues. This slower pace may be ideal for those seeking a more balanced lifestyle.
However, it's important to remember that not all banks are the same. Some banks may have a faster pace and higher expectations, especially those focused on adopting the latest technologies. It's always a good idea to gain some work experience and then move on after a year or two to find a position that better suits your lifestyle and career goals.
The type of programming work you do within a bank can also impact your work-life balance. For example, working on front-office sales and trading roles may be more demanding due to the need to automate processes and interact with customers directly. On the other hand, working in internal audit or back-end data analysis can provide a more stable and less intense environment, allowing you to focus on data analytics and process improvement without the pressure of customer-facing interactions.
Additionally, the programming language you choose to specialize in can impact your work-life balance. Languages like SQL, Python, and Java are popular in the financial industry, but they may be more susceptible to automation by AI. Languages like C++ may have fewer jobs in finance, but they are harder for AI to replicate and often come with higher salaries. Prioritizing work-life balance may mean choosing a language that aligns with your interests and creativity rather than solely focusing on what is currently in high demand.
Overall, finding a job in a bank as a coder that offers a good work-life balance is possible, but it may require some trial and error to find the right fit. Gaining experience, networking within the industry, and staying open to different opportunities can increase your chances of landing a position that suits your lifestyle and career aspirations.
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Frequently asked questions
Yes, there are jobs for coders in banks. However, the demand for coders in banks varies depending on the role and the specific needs of the bank. Some banks may only require a small number of individuals with coding skills, while others may have larger teams dedicated to technology and development.
Python, SQL, VBA, R, and Java are some of the commonly used programming languages in banking. Banks often use virtual machines for security, which can limit the ability to install software or run macros without IT approval.
Working conditions for coders in banks can vary. Some individuals have reported high stress, limited flexibility, and bureaucratic processes in larger banks. There may also be concerns about ageism and limited career progression, with some coders choosing to transition into management roles or seek opportunities outside of banking.
Banks may offer opportunities to work remotely or in different geographical locations. However, there have been reports of banks moving jobs from high-cost locations like London to lower-cost areas like Poland or Belfast, which may impact salary expectations and the overall job market for coders in banking.
