Engineering died in the UK because the management class can't tell the difference between a professional mechanical engineer and a car mechanic (not that the latter isn't a skilled worker). In the rest of the world "Engineer" is a meaningful, exclusive title.
Many people complaining about hiring trouble are complaining about high search cost.
The lesson is that companies are strugglying because they aren't offering enough money. Ergo, if you offer more money, you struggle less.
Only a tiny percentage of developers in the financial world are working on arbitrage, the average bank probably has more developers working on compliance software than arbitrage software. A vast majority of software development work at most banks is infrastructure (integration between systems, data feeds, settlement, etc.) which supports the day-to-day operations.
The UK (and Europe) really needs to figure that out. I was able to move to London because I was moving from SV and I got a cost of living increase on top of my US market salary. If I was born here and forced to accept London market salaries I would be looking for my ticket out of here ASAP. As technology and mobility increases it's going to be increasingly important to economies to retain talent, something which I believe is obscured for the super rich who make money by arbitrage highly abstracted from the value in the base economy.