Python is now considered more important than Mandarin in investment banking

  • Date posted: 28 Nov 2017
  • Tags: Python

Every year, Goldman Sachs runs what is arguably the most prestigious internship in the world of banking. Typically, you can gauge the direction the bank and industry is heading judging from the types of interns it hires.

Goldman Sachs released a survey of those involved in the 2017 summer placement to gain an insight into their perspectives. The interns come from 97 different countries, speaking a grand total of 78 different languages. This year’s batch were heavily tech-focused and when asked to pick 3 innovations that would affect the world the most, 85% believed AI and machine learning would, while a further 47% believed it was Cybercrime.

The next wave of Wall Street talent is more technology focused than their predecessors and this was shown in their approach to development languages. When asked which language would be the most important to learn, 28% chose Mandarin, the world’s most-used language. However, 72% believed that the coding language Python, recently named the most popular coding language by Stack Overflow, was the most important.

This overwhelming majority shows that this set of interns meet the current trend of banks trying to attract the best tech talent to Wall Street. Banks like BlackRock and Two Sigma have signed up for HackerRank, that helps match the best coders to companies who need them.

Alongside this, JP Morgan have developed recruitment hubs in the form of coffee and smoothie bars to try and attract the next generation of Python experts. Some banks are even going as far as to tone down their dress code in the office, as 79% of interns interviewed by Goldman Sachs have expressed a preference towards more casual workwear.

Global banks have embraced the success and popularity of Python, implementing it directly into their business. J.P. Morgan uses it for their Athena programme, while Bank of America Merrill Lynch has built their integrated trading platform Quartz with the language.

Python is such a sought-after language in the banking sector due to its simplicity and throughout the past year, banks have been reprogramming their trading systems to run off the language. This allows them to build transparent and collaborative systems for businesses that employ people with a variety of technical abilities.

The next generation have the technical knowledge to help steer their industries in the right direction and with many believing that Python will be more important than Mandarin throughout the multinational industry, then Stack Overflow may find the coding language’s huge growth continue into the future.

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