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.”