TJ is cynical, but mostly right.However we are comparing a bank with an IT firm and the point about the work being outsourced to Indians applies far more to IT companies than banks.The customers of a computer business are mostly not in the business itself but in other firms, so the disconnect between IT and customers is perceived to be more acceptable, since it is not that much larger.Most bank IT is for the bank itself, and outsourcing internal IT often goes badly, and sometimes goes terribly terribly wrong. One olny has to look art the repeated crashes, outages, wrong prices and generally shittiness of the London Stock Exchange to see why you want your IT people to be working for you, not far away managed by clueless intermediaries.So awful is the LSE IT that Accenture actually come out of it looking good, when Accenture are in a project and they aren't the root cause of every single problem, every politically-driven stupid choice, every $ of cost over run, and the fact that the system is designed to do the wrong thing, but doesn't matter because it's never delivered, when that troupe of monkeys look good you are crap,.Bonuses for most IT in banks are relatively small compared to banking but high compared to most non-banks. They also are effectively random, having only accidental correlation with the contribution you make to the business, often that correlation is negative. That's why banks typically have good IT people but surprisingly shoddy IT, one data point being that in my last job at one point each of my staff was forbidden by me from touching some of JP Morgan's equipment because I felt it to be dangerous. Not just misconfigured, or buggy, but there was a serious risk of physical harm to them personally. JPM are the worst, but not uniqely bad.IBM used to treat it's technical people well, and it was a world dominating firm, alas it has the worst HR department of any large firm in the world, and actively tries to fuck with techies now. It may be a coincidence that it's decline is close to monotonic.Oracle seems to have a remarkably IB style culture fo techies, but not anything like IB style pay.Cisco used to be great with huge opportunities through spin outs and the general growth of the firm, the stock options could be very sweet.Now it's just another IT firm with OKish growth.MS is doing a bit of an IBM with sales & marketing being a better route to good pay than technical excellence, that is comparatively recent, but once that process starts, nothing will stop it.Looking at the pay of equivalently skilled people, there is better money in investment banking than working for a large IT firm, and the hours frankly are often not very different.IT startups do sometimes pay off really really well, but be aware that if you don't have shares or options from day 1, then the ones you will get as the firm grows will be very much 2nd tier and may never arrive even if the firm doesn't crash & burn.
Last edited by DominicConnor
on March 2nd, 2011, 11:00 pm, edited 1 time in total.