Photo by Darryl Dyck at the Canadian Press.

Photo by Darryl Dyck at the Canadian Press.

Banks face recruitment challenges as fintech startups snag talent

With a graduate degree from Columbia University in hand, Nathan Epstein was an attractive candidate for a job in the banking industry.

Shortly after kicking off his search, Epstein — who had studied applied math, programming and economics — landed an offer writing code for the derivatives trading division of one of the big U.S. banks.

He was planning to take the gig — until he chatted with Toronto-based online investment adviser, or “robo-adviser,” WealthSimple.

“They had a culture and a work opportunity that was totally unlike what was being offered by other places,” says Epstein, who found himself moving to Toronto last spring to become a software engineer for the upstart.

Banks face stiff competition when it comes to attracting and retaining the kind of talent they need to meet the evolving needs of customers in an increasingly digital world.

In addition to a general shortage of candidates with technical skills, many of the recruits who would have traditionally gone to work for large financial institutions are opting instead for jobs in small financial technology, or “fintech,” companies.

Read more

Published by the Canadian Press.