Wall Street may need fewer traders and bankers and more Ph.D.s and behavioral scientists.
After a tough quarter for big banks, where head count was reduced and compensation drastically cut, there are some silver linings for people looking for work in the financial services industry. The downside is that for many seasoned Wall Street veterans, big banks are looking to tech-focused roles as they build out digital businesses.
"Data science is robust and active in financial institutions, momentum has been increasing over the last two years," said Michael Karp, CEO of recruitment firm Options Group. "We're seeing a lot of demand, particularly on the consumer side."
Big banks aren't just looking for tech-proficient staffers to bolster trading desks any longer. They're trying to do more with rewards programs, which data and behavioral scientists can refine.