The TIOBE Index lists Wall Street’s coding language of choice, Python, as the most popular in the world. The index includes search queries and Python’s popularity stems from its association with AI. Statista ranks it the third most used language after JavaScript and HTML/CSS.

The start of 2024 has seen a lot of news about layoffs at Big Tech. The companies are eating their own cooking and using AI to automate processes. Skilled Python engineers remain in high demand in Silicon Valley, which has repercussions for Wall Street.

Banks, brokers and asset managers face a persistent shortage of top talent, caused by going head-to-head with technology behemoths. With rising pay for top talent, financial services companies face postponing or cancelling important projects. Outsourcing to established industry players remains an important strategic option.

In the UK, the median pay for software engineers fell 3.7% in the past six months compared to the same period last year. But the salary of engineers in the 90^th percentile rose 9% to £120,000 ($152,000) according to IT Jobs Watch. The popular site Reed.co.uk lists Python developer roles up to £225,000 ($285,000) per year.

Demand for Python driven by AI

Deploying AI, continuing digital transformation and cloud computing are spurring demand for developers. Companies across the economy are moving manual and spreadsheet processes online and launching web and mobile apps for internal and customer applications. The addition of AI is complicating data management.

The financial industry’s focus on Python is due to its effectiveness for data science and analytics. These disciplines are at the forefront of AI, machine learning and natural language processing. 

Python is open-source and general-purpose, while its easy-to-learn syntax make it readable and low maintenance. The expanding user base adds to the wealth of open-access libraries and frameworks, many of which are focused on big data and machine learning. This makes projects easier to build because there is a ready-made solution for much of your work. Easy syntax, the ability to handle intricate processes and support for numerous extensions, mean Python is best suited to the triple-A of automation, analytics and AI.

Kitrum reports staff turnover in technology at 18.3%, which is higher than almost all other industries. A recent Gartner poll found over 70% of IT workers had a low intention to stay with their employer. With a Bureau of Labor Statistics report showing that technology turnover splits roughly half between voluntary and involuntary, it is no surprise almost everyone has an eye on the job market.

Old-fashioned hiring compounds Wall Street’s shortage

Wall Street’s hiring practices may be exacerbating the problem. A Forbes article authored by the co-founder and CEO of CodeSignal, highlighted that resume reviews and the traditional focus on elite schools, often resulted in overlooking self-taught developers and those learning skills at language boot camps.

The use of software to scan resumes and key-word searches exacerbates the problem. A developer named Angelina Lee listed a fake c.v., bursting with buzzwords and name-dropping, which claimed a 60% response rate. Her scathing post became a social media sensation.

The shortage of top talent is neither new nor going away. Computer scientists top the list of McKinsey’s skills gap survey published in 2020, with data analytics specialists in shortest supply, followed by mobile and web designers. Data science, derived analytics and visualization are the three most in-demand services we provide at RemoraTech.

A typical introductory project for an asset manager involves:

1. Automating the downloading of data from the cloud
2. Processing the data to present it in the preferred format, and
3. Using the data for predictive analytics, execution, or algo building workflows.

The Outsourcing Alternative

Access to data is no longer a competitive advantage. Our customers benefit from rapid deployment of user-friendly analysis and the speed-to-market of related workflows. We pause automation wherever human intervention is required.

We are delighted to partner with finance’s most competitive companies. We have built trading platforms for some of the most highly traded securities in the world. But the most common request is to automate manual processes to free time and resources for expansion.

Large Wall Street firms are in a battle for technology talent. Smaller and boutique firms rarely have the resources to compete. RemoraTech helps level the playing field through access to engineering excellence at competitive prices. As we specialise in financial services, we understand your needs.

Please contact us today for a call without obligation.