A lot has changed since the beginning of 2021, but some things remain constant: Banks needed cloud computing talent last year, and they still need it. Problems filling cloud positions mean some roles remain open for months.
“Cloud-savvy people and solution architects/devops are particularly hard to find,” says a senior engineer at JPMorgan. “A lot of our teams are finding ‘in-house solutions,’ which means offering mobility to engineers who are vaguely interested in DevOps and public cloud,” he adds.
JPMorgan currently lists 118 jobs for cloud engineers on its own job site. Goldman Sachs is listing a few hundred. Collectively, banks need thousands of people to work in cloud roles as they transform their businesses.
“The problem is that every business in every industry has to make their way to the cloud, so there is a shortage of cloud specialists in the entire market,” says the head of a tech search firm, speaking off the record. . “The demand for cloud architects, cloud security professionals and cloud transformation experts who can deliver has never been more intense.”
The difficulty banks face in fulfilling their roles in the cloud is reflected in the date stamps on the jobs on their websites. JPMorgan, for example, advertises eight cloud roles that have been open since last year and has been looking for a cloud engineer for his Chase UK bank in London since April. Citi has been advertising a head of public cloud architecture in London for at least a month. The shortage is global: Bank of America has been looking for a cloud infrastructure engineer in Texas since January.
Part of the problem is that while many people have cloud qualifications, few have the necessary experience. “The ones that have been part of a successful transformation from cloud to scale are rare,” says the headhunter. “And everyone wants them. Retaining and attracting talent is hard right now.”
This is why banks like JPMorgan are bringing cloud experts in-house. Jonathan Elvers, head of cloud platforms at JPMorgan in London, has worked for the bank since 1992, starting out in broad technology infrastructure. Stephen Flaherty, head of architecture for cloud and engineering at JPMorgan in Glasgow, joined the bank in 2008 as a wealth management engineer. Stephen Johnston, another distinguished cloud engineering engineer at JPMorgan, joined as a software engineer in 2000. Similarly, at Goldman Sachs, Mehdi Houshmand, the company’s consumer cloud CTO, started there as an engineer in 2012. .
Over time, the cloud talent shortage will correct itself. The JPMorgan insider says that many Indian employees of the bank are already getting AWS certifications and are interested in working in the cloud space. At the moment, however, banks are still looking for cloud talent in other sectors. And even when they do find someone, it doesn’t always last: Ben Houghton, a former UBS cloud applications technology director, joined Microsoft in March 2019 and left again in September 2021 to work at a software company.
Scarcity has the potential to increase wages. Levelsfyi data suggests that banks pay cloud specialists well, but could pay more. A New York-based cloud engineering analyst at Goldman Sachs with two years of experience claimed to be on a $160k package in January. A JPMorgan vice president with 14 years of experience claimed to be earning $250,000 working on public cloud projects in Seattle in May.
“It’s a question of supply and demand,” says the scout. “There are not enough talented people with a good degree of experience in a market where many companies want this talent.”
Have a insider story, tip or comment you’d like to share? Contact: email@example.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)
Please be patient if you leave a comment at the bottom of this article – all of our comments are human moderated. Sometimes these humans may be asleep or away from their desks, so it may take a while for your comment to appear. It eventually will, unless it’s offensive or defamatory (in which case it won’t).