Greed is good — but geeks are better. According to the NY Post report Wall Street
is desperately seeking high-tech trading talent to run the new high-speed
computerized trading desks that are wiping out thousands of more traditional
jobs.
The scarcity of geek talent is driving up compensation for
rocket scientists and younger pros with a handle on modern trading — just as
old-school traders are being squeezed out of business. Annual salaries for the black-box
quantitative developers, for example, start at over $1 million, while
high-frequency, algorithmic traders and other pros can pull down a base of
$200,000 — along with breathtaking bonuses of as much as 100 percent (or more)
of base, one top headhunter revealed to The Post.
The problem, according to headhunters who are scouring Ivy
League campuses: Not enough top-shelf trading candidates. The big banks and brokerage houses, grappling
with lower trading volumes and a regulatory profit squeeze, have lately stepped
up their game. They are slimming down and replacing their trading personnel
with higher-productivity math and IT geeks from MIT, Carnegie Mellon, Harvard
and other brainy institutions….….
Read all about it at http://www.nypost.com/p/news/business/sorry_charlie_tcutdkbnrKrJtKiKsP0tbJ
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