Tuesday, September 20, 2011

smaller company to poach a big-bank developer

A smaller company often has no choice but to pay a premium to poach a developer from a big bank. Without a premium, i don't see a good reason to move. In reality, a smaller company often don't want to pay a premium, so no deal.

In some real cases, the smaller company actually wants a discount.

Before believing recruiters saying "i have placed 20 candidates from non-big-banks into big banks", consider these formidable undercurrents --

brank and credibility - if your future is in big banks, then remember they generally trust your brank in other big banks. They trust that (and IBM brank) more than they trust brank in smaller companies.

fear (the other side of the above coin) -- A big bank developer enjoys job security since next interviewer feels "safer" hiring him and "fearful" hiring an unproven candidate from a smaller firm or a big tech like Google.

Familiarity - large banks are similar in set-up. Even a big buy-side like Pimco or a hedge fund is probably seen as different from a sell-side ibank. Forget techs like Microsoft!

radiation - ibank trec radiates everywhere, so does big techs like Oracle. Blackrock/hedgeFund trec radiates less. ECN or software vendor trec won't radiate. Remember only a tiny number of core engine developers in ECN have the experience relevant to an ibank's trading engine core team. This applies to all the big names like murex, sunguard, calypso, ... See my blog on 3rd type of domain knowledge

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http://www.linkedin.com/in/tanbin