Financial firms have spent years beefing up their rosters of tech workers, getting into bidding wars with the likes of Apple and Google for top coders, engineers and product developers. But with deal activity stalled and tech companies laying off workers by the thousands, Wall Street’s war with Silicon Valley over tech talent has cooled.
Goldman Sachs’ plan to scrap substantial pieces of its unprofitable digital bank, Marcus, has caused particular concern among tech workers in the finance sector, said one New York–based engineer who has worked in both the tech and finance industries, especially after a recent report that indicated Goldman plans to lay off up to 4,000 workers. A person familiar with the matter told The Information those layoffs are likely to happen as soon as early January.
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