Bank of England to crack down on 'secretive' cloud computing services

Re:Bank of England to crack down on 'secretive' cloud comput... by elliekelly on Wednesday July 14, 2021 @12:35PM (#27835009)

Does that take bonuses into account? Goldman (and others in the industry) tend to have lower base pay with a much higher bonus. It's typical for low level employees to get a year-end bonus equal to about 50-60% of their salary. As they advance to mid-level their bonus will equal their salary and, if they're in a senior position, it will greatly exceed their salary.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by ZeroCool2u on Wednesday July 14, 2021 @01:05PM (#27835396)

This is strictly base pay, but the bonuses are simply not that good for the average SWE at the banks, because as others have said, technologists are seen as a supporting role. There are exceptions, but a much more senior coworker of mine that worked at a number of HF's and banks once told me a good rule of thumb is that the further away you are from executing a trade, the lower your comp. Of course, management doesn't really follow that rule.

This is all with worse work/life balance, low flexibility, (GS was the first big bank to recall everyone and enforce working on site I believe.), a 'conservative' tech stack if you're lucky or a simply unpleasant one if you're not, and generally not being valued the same way as you would be at a FAANG or typical tech company.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by tsycho on Wednesday July 14, 2021 @12:57PM (#27835292)

"Back office" (which includes most programmers, with the exception of algo traders) bonuses are much much lower than "front office" (traders, ibankers, sales) bonuses.

Google/FB devs total comp (including RSUs) will easily beat Goldman devs by 150-200%, depending upon your performance.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by onlyrealcuzzo on Wednesday July 14, 2021 @01:10PM (#27835468)

Do banks not offer engineers RSUs?

If so, $100k plus a 15% bonus is laughably low. Even shitty startups pay new grads more than that.

My understanding is that GS's interview is actually harder to pass than a lot of FAANG companies. So you have to wonder why anyone would even interview there if the pay is that low...

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by game_the0ry on Wednesday July 14, 2021 @12:44PM (#27835110)

Bonuses are not that high at Goldman and their comp still does not compare to FAANG, it never will.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by Tostino on Wednesday July 14, 2021 @12:53PM (#27835234)

Keep in mind it easily could at the stroke of a pen though. It's entirely their choice to not compensate competitively.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by onlyrealcuzzo on Wednesday July 14, 2021 @02:14PM (#27836346)

https://tipalti.com/profit-per-employee/

Visa regularly makes double the profit per employee of FAANG - so, yes, they could easily pay more.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by alasdair_ on Wednesday July 14, 2021 @09:07PM (#27840404)

Don't all the smart companies avoid making any profit at all, since profit is taxed (but share buybacks are not)?

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by onlyrealcuzzo on Thursday July 15, 2021 @01:28AM (#27841680)

You have to buy your shares with FCF (usually profit) or debt.

They have profits. They just aren't in the US.

[ Parent | on HN ]

Re:Bank of England to crack down on 'secretive' cloud comput... by Tostino on Wednesday July 14, 2021 @03:55PM (#27837655)

Thanks for the source to backup that feeling.

[ Parent | on HN ]