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Banks, technology giants see growing number of skilled employees leaving for flexible fintech firms, new analysis shows
- The exodus comes as tight job markets allow many tech employees to change jobs, seeking higher salaries and more flexible routines
- The departure of bankers, engineers, data scientists and sales employees picked up speed during the Covid-19 pandemic, according to Revelio Labs
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Employees at major banks and some of the world’s biggest tech companies are increasingly leaving for financial technology firms, new analysis shows.
Bankers, engineers, data scientists and sales employees from Wall Street, the City of London and Silicon Valley are among those joining an exodus that picked up speed during the Covid-19 pandemic, according to data compiled by Revelio Labs, a workplace intelligence company.
Departures from traditional banks, such as Goldman Sachs and HSBC, to fintech companies including Coinbase Global and Revolut are up 75 per cent since the start of the pandemic, Revelio said. Monthly job changes peaked at 72 in March this year – the highest figure since records began in 2011. Significant numbers of employees are also moving from tech firms like Amazon.com and Microsoft Corp.
The growth in highly qualified staff switching to roles in new sectors comes as tight job markets allow many tech employees to change jobs, seeking higher salaries and more flexible routines.
“People have stopped and re-evaluated what’s important to them,” Lisa Simon, economist at Revelio, said in an interview. She cited a better work-life balance, improved pay and better career prospects as key drivers.
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