I was talking to a friend of a friend tonight that works at jpmc. He said his title is a quant. He was asking me why I wouldn’t consider working for jpmc as a dev. Told him I don’t think they are close to competitive tc wise with tech companies by any means. He seemed pretty shocked by the statement and claimed I was way off. Am I? Tc: 300k
No youre right
nope
For digital/tech salaries: Legacy financial institutions will not compete with tech firms. Consider where the revenue generation headcount is: for legacy financial institutions, it’s usually the bankers (commercial/institutional/investment). Tech is seen as support. For lots of tech firms, digital/tech/product is closer to rev gen, relative to the same groups at a financial institution. This juxtaposition gives some rationale for why the discrepancy
Engineering isn’t seen as a source of revenue for banks- you would be treated the same as IT
Ok... well firstly it''s not "tech companies" it's FAANG companies you clearly work at FAANG 100% or Adobe etc. I know people with as much skill as anyone in programming that work Exxon etc that make 150-175K. The jump is legit just FAANG and some others. JPM isn't a tech company, so even I ran JPM I wouldn't pay that either unless you were legit a monster then I would have you as Sr Exec Director of Programming in which yes you can easily make that much. Comparing soft eng in FAANG to JPM in general is just pretty dumb IMO.
no