Skip to comments.Big U.S. custody banks mining Big Data need more engineers
Posted on 01/06/2014 11:56:38 PM PST by 2ndDivisionVet
The world's two largest custody banks, BNY Mellon Corp and State Street Corp, are loading up on engineers to crunch mountains of data into juicy chunks of information that they can use to win more customers and generate more fees.
The shift in hiring strategy comes as the cost of computing power, data storage and bandwidth plunges, giving the U.S. banks more opportunities to capitalize on information about customers that include the world's largest hedge, mutual and pension funds.
"At State Street this year, we've hired more engineers than MBAs," said John Klinck, the bank's head of global strategy and new ventures. "We're a data-intensive business, with $26 trillion of assets flowing through the pipes of the company every day. That's why the engineering side is critical, and it's hard to find."
State Street declined to give any specific hiring figures. But chief rival BNY Mellon said that this year it had hired 30 engineering graduates from college campuses, with plans to bring on 50 more in 2014.
The banks are not looking for people who can design roads and bridges, but graduates who are schooled in the latest techniques of data visualization, for example.
BNY and State Street safeguard $53 trillion in assets and perform mundane but vital tasks such as calculating mutual fund prices and keeping track of dividend and interest payments for investors....
(Excerpt) Read more at reuters.com ...
I need to find a contact within BNY/Mellon. They’re holding the mortgage for a property I want to buy.
so we’ll all get even MORE adverts from the banks, eh?
(we still receive about 3 mailings per WEEK addressed to former residents we never met, all from one big bank that will not update its mailing list)
and they moved away (broke) 15 years ago
Data mining is now a career choice, with at least two alternatives, one legal the other not, but both choices have problems with Constitutional muster.
I think most folks value their long lost privacy, only now realizing just how lost it really is.