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<\/a><\/p>\nTo be sure, the numbers of staff leaving for fintechs and startups are small in comparison to the overall numbers employed in major financial services firms or Silicon Valley tech giants.<\/p>\n
Goldman employs 45,100 people worldwide. A representative for the bank declined to comment.<\/p>\n
Elsewhere, some 28 workers have gone from\u00a0Morgan Stanley\u00a0to Coinbase and 12 to\u00a0Wise Plc, which has almost 400 jobs available, according to a company spokeswoman.<\/p>\n
Some 38 HSBC employees have gone to Revolut and 21 to\u00a0Monzo Bank Ltd. Challenger bank Monzo has also hired 32 former staff from\u00a0Lloyds Banking Group Plc\u00a0and 27 from\u00a0Barclays Plc.<\/p>\n
Morgan Stanley and HSBC made no comment. In emailed statements, Barclays\u2019 Chief Operating Officer Mark Ashton-Rigby and a spokeswoman for Lloyds\u00a0 \u2014 which was recently ranked second in a LinkedIn list of the UK\u2019s top 25 employers \u2014 each pointed to the importance their banks place on workplace culture.<\/p>\n
\u201cThe number of people working in technology roles at Barclays has grown by more than 10% in the past two years which is testament to the compelling proposition we offer,\u201d Ashton-Rigby said.<\/p>\n
\u201cThere\u2019s a war for talent,\u201d said Christian Faes, co-founder of LendInvest and chair of the industry group Fintech Founders, citing high levels of regulation in traditional banking as well as\u00a0\u201clegacy processes, legacy people and technology.\u201d<\/p>\n
\u201cWe\u2019re literally hiring people out of Facebook and Amazon, really high-tech engineers, and they don\u2019t naturally gravitate toward banks with coding systems from the 1980s,\u201d Faes said.<\/p>\n
Coinbase alone has snagged 197 staff from Amazon,\u00a097 from Alphabet Inc., the parent company of Google, 73 from Microsoft\u00a0and 72 from Meta Platforms Inc., Revelio\u2019s data show.\u00a0Microsoft and Amazon declined to comment. A spokesman for Coinbase said the company is \u201cpleased that so many employees from top banks and tech giants want to rebuild the future of the crypto economy.\u201d\u00a0Meta and\u00a0Alphabet didn\u2019t respond to requests for comment.<\/p>\n
Despite the shift into fintech there are already signs the trend is easing off. Inflation is darkening the global economic outlook, and a major tech selloff has put\u00a0future funding rounds in doubt. Against that backdrop,\u00a0the pace of staff movement from banking to fintech already appears to have slowed.<\/p>\n
In that environment, some employees will choose stability over change. Crypto firms are looking especially risky: Coinbase\u2019s\u00a0market value has\u00a0plummeted\u00a0in the past six months, with the stock down more than 60% from its IPO price in April 2021.<\/p>\n
That\u2019s leading some to stick up for the key benefits of a mature, stress-tested financial sector.\u00a0\u201cThe basic story is we have customers and they don\u2019t,\u201d\u00a0Zach Anderson, chief data and analytics officer at NatWest Group Plc, said in an interview.<\/p>\n
\u201cIf you want to have an impact on 19\u00a0million customers in a substantive way, you go to a bank.\u201d<\/p>\n
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