Exclusive News: Citadel Securities Changing Hiring Approach in the Age of AI
Looking for a high-paying job in finance? Well, you might want to consider Citadel Securities. But here’s the catch: being a top-notch software developer is no longer enough. According to the founder of Citadel Securities, Ken Griffin, the days of simply being a good programmer are numbered. The rise of large language models and AI in financial services means that Citadel Securities is now looking for a different kind of talent.
It’s all about problem-solving. Now that machines can create code, the focus has shifted from translating problems into code to actually solving problems themselves. And these problems can be ambiguous with commercial constraints. So if you want to land a job at Citadel Securities, you better be excellent at problem-solving in a commercial way and be able to effectively communicate about it.
But that’s not all. Developers at Citadel Securities are also losing the ability to do low-level coding, which is essential for interacting with hardware and processing trades quickly. This is because AI is taking over the coding work. So, if you can still dig deep into the machine code weeds, you might have an edge over the competition.
In other news, the IPO market might not be as promising as we hoped. With war in the Middle East, surging treasury yields, and a string of underwhelming IPOs, the new issuance rebound seems to be hitting the brakes. Experts predict that the IPO window might not reopen until March 2024. On the bright side, convertible debt seems to be thriving in a world where interest rates are higher for longer.
And let’s not forget about the private equity firms. They’re having the worst year in a decade for selling portfolio companies. Plus, there’s a legal battle brewing between Virtu’s former head of client technology and a non-compete agreement that allegedly bars him from working for any financial firm anywhere in the world in any position for three years. Talk about overbroad provisions!
It seems like UBS and Credit Suisse are joining forces with the creation of a new team called strategic insights and advisory. And Revolut employees have been giving negative feedback to regulators about their time at the company, although Revolut claims that 80% of exit interviews are positive.
Lastly, it turns out that 42% of Americans consider WhatsApp group chats to be a part-time job. And luck seems to play a role in career success, as partners at y Combinator encourage founders to increase their “surface area of luck” by putting themselves in situations.
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