Goldman Sachs is looking to bring in more than 100 coders to help automate swathes of its trading business, according to Bloomberg.
The bank is preparing to raid its Wall Street rivals, as well as tech firms, to fill the engineering positions, which will mostly be based in New York and London.
Explaining the spree, Adam Korn, co-head of engineering in the trading division at Goldman, tells Bloomberg: “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
Over the last few years, technology has upended how trading is done, prompting Korn to pitch the recruitment drive to his bosses. “The leadership group was excited and interested and the firm is putting money where its mouth is," he says.
The new hires will, among other things, help build out trading and risk management platform Marquee and revamp the bank's electronic trading platform.