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Goldman Sachs Plans to Automate Trading by Hiring 100 Coders
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Per a Bloomberg article, The Goldman Sachs Group (GS - Free Report) is planning to hire about 100 engineers in tech-related roles in the trading division to keep pace with competitors and meet demands for automation. The new positions will mainly be created in New York or London.
With technological advancements, the way of conducting trading business has changed. In place of traders managing buyers and sellers of stocks and bonds in person, electronic platforms have taken over.
Lesser trading time and ability to respond to larger number of requests are the key reasons why companies are investing in the digital platforms. Also, these will help generate more trades and thereby more revenues.
“You are going to see us very actively in the marketplace going after this kind of talent,” said Adam Korn, Goldman's co-head of engineering n the trading division. He further added, “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
Also, with this hiring, Goldman plans to better develop its trading and risk-management platform — Marquee — in order to cater needs of large quant hedge funds.
Goldman has been focused on digitizing operations for quite some time. In 2016, it had launched online bank — Marcus by Goldman — which has been delivering promising results. While it is on track to remodel its business into a more profitable organization, it continues to face several legal investigations, which are likely to keep costs elevated.
The Zacks Rank #3 (Hold) stock has rallied 1% over the past six months against 10.8% decline of the industry it belongs to.
Over the past 30 days, Federated has witnessed 1.6% upward earnings estimate revision for the current year. Its shares have gained 10.9% in the past six months.
Artisan Partners’ earnings estimates for 2019 have been revised slightly upward over the past 30 days. Shares of the company have gained 2.8% in the past six months.
KKR & Co earnings estimates for the current year have been revised 2.4% upward over the past 30 days. Shares of the company have gained 12.8% in the past six months.
It’s Illegal in 42 States, But Investors Will Make Billions Legally
In addition to the companies you read about above, today you get details on the newly-legalized industry that’s tapping into a “habit” that Americans spend an estimated $150 billion on every year.
That’s twice as much as they spend on marijuana, legally or otherwise.
Zacks special report revealing how investors can profit from this new opportunity. As more states legalize this activity, the industry could expand by as much as 15X. Zacks’ has just released a Special Report revealing 5 top stocks to watch in this space.
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Goldman Sachs Plans to Automate Trading by Hiring 100 Coders
Per a Bloomberg article, The Goldman Sachs Group (GS - Free Report) is planning to hire about 100 engineers in tech-related roles in the trading division to keep pace with competitors and meet demands for automation. The new positions will mainly be created in New York or London.
With technological advancements, the way of conducting trading business has changed. In place of traders managing buyers and sellers of stocks and bonds in person, electronic platforms have taken over.
Lesser trading time and ability to respond to larger number of requests are the key reasons why companies are investing in the digital platforms. Also, these will help generate more trades and thereby more revenues.
“You are going to see us very actively in the marketplace going after this kind of talent,” said Adam Korn, Goldman's co-head of engineering n the trading division. He further added, “Historically, engineers were not seen as a part of the business. That’s obviously changed.”
Also, with this hiring, Goldman plans to better develop its trading and risk-management platform — Marquee — in order to cater needs of large quant hedge funds.
Goldman has been focused on digitizing operations for quite some time. In 2016, it had launched online bank — Marcus by Goldman — which has been delivering promising results. While it is on track to remodel its business into a more profitable organization, it continues to face several legal investigations, which are likely to keep costs elevated.
The Zacks Rank #3 (Hold) stock has rallied 1% over the past six months against 10.8% decline of the industry it belongs to.
A few better-ranked stocks from the finance space are Federated Investors, Inc. , Artisan Partners Asset Management Inc. (APAM - Free Report) and KKR & Co. Inc. (KKR - Free Report) . All these stocks currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past 30 days, Federated has witnessed 1.6% upward earnings estimate revision for the current year. Its shares have gained 10.9% in the past six months.
Artisan Partners’ earnings estimates for 2019 have been revised slightly upward over the past 30 days. Shares of the company have gained 2.8% in the past six months.
KKR & Co earnings estimates for the current year have been revised 2.4% upward over the past 30 days. Shares of the company have gained 12.8% in the past six months.
It’s Illegal in 42 States, But Investors Will Make Billions Legally
In addition to the companies you read about above, today you get details on the newly-legalized industry that’s tapping into a “habit” that Americans spend an estimated $150 billion on every year.
That’s twice as much as they spend on marijuana, legally or otherwise.
Zacks special report revealing how investors can profit from this new opportunity. As more states legalize this activity, the industry could expand by as much as 15X. Zacks’ has just released a Special Report revealing 5 top stocks to watch in this space.
See these 5 “sin stocks” now>>