An exodus: Big banks and Big Tech are losing their employees to more flexible fintech companies, per Yahoo Finance.
Bankers, engineers, data scientists, and other skilled employees are leaving Wall Street, Silicon Valley, and London for roles at fintechs that offer a better work-life balance, higher pay, and better career prospects.
Moves from big banks like HSBC and Goldman Sachs to fintech startups such as Coinbase and Revolut are up 75% since the pandemic started:
Big Tech is also experiencing the same drain:
While the numbers are small relative to these firms’ entire workforces, the lure for tech employees is shaking up banking industry payrolls.
Not all roses: But the changing economic environment is putting a damper on the fintech industry. Inflation remains uncomfortably high, fintech funding has dropped off, and the crypto market is undergoing a reckoning.
The big takeaway: Employees moving to these fintechs are taking a chance on change over perhaps more stable opportunities at an incumbent bank or Big Tech firm.
Here’s how that could play out:
Keep reading: We highlight some of the short-term challenges and long-term risks that fintech disruptors face—and how regulators could get involved—in our “Era of Uncertainty” report.
11 Times SquareNew York, NY 100361-800-405-0844