Banks have long faced stiff competition from private-equity firms and hedge funds when it comes to retaining talent. But fintechs have emerged as a new threat to their headcounts.
“We’ve seen a trend in 2021 going towards fintech startups. It’s all about equity,” Jeanne Branthover, a managing partner at DHR and head of the firm’s global financial services practice, told Insider.
Candidates from firms of all sizes — including large banks — are being lured away by fintechs and the opportunity to take on a more creative and entrepreneurial role, she said.
“Fintech is hot, and it’s going to remain hot,” Branthover added.
But that talent will flow in both directions in 2022, Branthover said, adding that she’s seeing some banks have success in poaching talent away from younger tech companies.
Firms like JPMorgan and Goldman Sachs have both hired executives away from Lyft and Uber, respectively.
“It’s not just going from big to little, you’re also seeing people change industries and go from tech to financial services,” she said. ‘We’re seeing much more industry crossover than we have in the past.”
This article was originally published on Business Insider by Samantha Stokes. To read the full article click here.