business

Banks see future in IT hires

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This article seems bogus. IT has been recognized by banks as a major competitive advantage for many years. I worked in IT at one of the big firms mentioned in this article. Around year 2000 the firm was spending over $3 billion a year on IT globally. Just the cost of running the day to day operations - ie the cost just to maintain and support the existing PC's, applications and back-end infrastructure - was $1 billion per year. They were also hiring maths professors and odd-ball geniuses to develop their derivatives systems in those days. And pre the tech bubble bursting, the banks all went to casual dress policies in order to attract the geeks.

The 'story' is simply that after several years of massive cuts to IT staff and spend, the markets are recovering and so they can go back to what they were doing before, albeit with new challenges like mobile, cloud, algo and low latency.

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Old news. and from Japan perspective, many IT workers are expats.

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Chinese hackers will like it :)

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Japanese banking could sure do with a MASSIVE overhaul...

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