Transcript: Live chat with Pascal Emile, Dresdner Kleinwort global CIO

Missed the live chat? Read Pascal's answers to your questions here.

Teddy: Hello. At 33, I am a senior java/j2ee developer. I have no knowledge about financial products. Is it too late to enter this job market? Thanks.

It is never too late to do the right thing. If you are bored in your current job and looking for an exciting challenge then investment banking will deliver this challenge. We are always looking for developers with good engineering skills or good mathematical knowledge - it's not necessary to have financial products experience.

NS: Hi Pascal - I am interested in knowing which are the biggest growth areas for IT specialists in banks at the moment.

All activities relating to algorithmic trading and multi-asset class trading. We are also looking at developing further distributed systems across the usual trading activities.

Ben T: How is the emergence of hybrid derivative products impacting the technology space?

This new activity has challenged the classic organisational structure of investment banks, as well as the platform supporting those activities. We had to reconsider the usual workflows and approaches to deliver the multi-asset capabilities required for hybrid trading. It's not necessarily question of needing additional technical knowledge, but existing processes needed to be rearranged to cover the multi-product aspect of hybrid trading. Specific pricing models requiring cross-product knowledge are also being developed.

Skipper: Will Linux ever become big in banking?

Linux already represents an important part of the deployed infrastructure in banks, including at Dresdner Kleinwort. It is more and more widely used in front-office calculation processes and in risk management. We've deployed farms of service running on Linux to support our derivatives calculation capabilities. Dresdner has also invested heavily in open source technologies.

Julian: Have you had any problems with Linux?

We had some scalability issues with Linux when running large Java applications that we have now resolved - we avoid running big databases on Linux, especially for critical applications.

Elizabeth G: Hi M. Emile, my Q is this: is it possible for grads to do an MSc in computer science which will enable them to go into banking IT?

We do hire graduates with MScs - and would provide them with financial products training as required.

Werkep: Hi Pascal - IT is merely a support function for an investment bank. IT people are usually only second-class employees compared to people in the front office (traders, M&A...). Don't you think that IT professionals do better joining specialist IT companies where they are in the 'front-office'?

Without IT there is no investment bank. Actually, in specific areas IT is a core part of the business - i.e. automated trading systems, which are replacing traders in some areas.

The business is aware of how important an efficient and innovative IT capability is to them achieving their own goals.

Jude: Except for Linux, what technologies are used in risk management?

Online aggregation and anaysis tools are particularly important for risk management;

we use JMS [Java Messaging System] and OLAP [Online Analytical Processing] tools in particular, so there is a strong demand for these skills.

In addition, risk management systems are also being used to get more leverage from the the calculation infrastructure of front office systems, using methods like grid computing.

Mustafa: How important is it for banking programmers to know C++?

It is quite important for anything that relates to pricing models, which are still mainly developed in C++. We don't find it particularly difficult to find people with C++ skills - there are plenty of them at universities.

Mick: And what about you, Pascal? What's your background?

I studied mathematics, computer science and engineering and have worked for my entire career in investment banks, mainly in derivatives products and risk management areas.

Dillon: You started out as a quant developer? Is this a good stepping stone for a career in financial services IT? Would you do it differently if you could start again?

There's no predefined or well accepted career path - success is down to motivational skills and ability to perform under pressure.

Kate: What "profiles" are the most wanted today?

We're looking at business analysts with good financial products knowledge. The real challenge we have at the moment is recruiting people with sufficient knowledge of financial products who also have good technology skills - it could be JAVA developers, testers, team leaders... We're always recruiting candidates with good profiles - even if we don't have the specific need - because the competition for them is so high.

Edgar: How many people do you hire from outside the industry? Do they tend to come from any particular sectors?

We have hired from the defence sector - and obviously there's a high demand for mathematics skills within the derivates business. We also tend to hire process orientated people, especially from the supply chain industry as they are particularly suited to support roles.

Marilyn: I am a business analyst but I lack the financial background, how do I appeal to investment banks like yourself who are looking for financial backgrounds?

Unfortunately, a financial background is key, especially if you lack detailed or comprehensive IT skills. There are, however, some IT activities that could provide an opportunity for people who lack financial knowledge, such as our governance and IT service management programmes.

FerrariDriver: What's your favourite interview question?

One good question is "How do you define teamwork?" , but I don't have a favourite question per se. Instead, I always try to understand the mindset of the candidate in addition to any skills required. We need people who are flexible, analytical and pro-active and who would look at a problem from different angles. To that end, I often look challenge people on key achievements that they're proud of - particularly in terms of the methodology they used.

Terry Johnson: What's the most common reason for you to reject a candidate?

I usually conduct the final interview for senior staff, and with this in mind I would be most likely to reject a candidate if I felt that he or she would not fit in well within the team - even if otherwise they were the best qualified.

Isa: I'm French, and I'm trying to get a job in London. Was it easy for you to start a career in England? What was the most difficult thing you encountered when you first tried to get a job here? Thank for your answer.

I was offered an opportunity to transfer to London by Dresdner Kleinwort, so this is not directly relevant. However, from experience I would say that nationality is unimportant. You simply need to have the right skills and the ability to communicate effectively - obviously in English in this particular case. I have in the past rejected excellent French candidates based on their lack of language skills, so this is key - especially for client-facing roles.

Ruby: How many resumes a day do you receive?

They come into our HR department so I would not be able to answer that.

Tinker: I notice you studied computer science engineering at university. Is this mandatory if you want to work in banking technology?

No, it is not - but it helps. We also regularly hire people that have studied mathematics or economics, so long as they have good programming skills.

Daniel: Jumping from global head of market risk technology and formerly global head of credit to global CIO is huge. CIO's are often brought in from outside. What would you say were the factors that enabled this move and enabled the organisation to recognise your potential for global CIO leadership? - Daniel R, CFA head of credit capital markets IT, Calyon & formerly head of global structured credit IT, Calyon & Citigroup

Before CIO I was head of derivatives technology across the bank and had already been identified as the potential successor to the former CIO; furthermore, it has been a gradual evolution rather than a series of jumps.

External CIOs are usually employed to implement significant changes, especially when the IT organisation is broken or when there are significant changes in the bank's strategy. Neither was the case at Dresdner, so an internal appointment made sense to provide continuity - Dresdner has a formal process to identify staff with high potential and help them to achieve their full potential.

Florence: On a typical day, what time do you start and finish work?

Typically, I start at 8am and leave the office between 6pm and 8pm. However, with technology as it is today you are inevitably available 24/7 and you have to be prepared to work when required. For example, on my last holiday I was dialling into a meeting with board members from a beach in the Caribbean.

MODERATOR: Thank you very much Pascal Emile, do you want to add a few words to conclude?

Thanks for the opportunity - and we are always looking for new talent, so I would encourage you to get in touch with our recruitment teams.

MODERATOR: Thank you to Pascal for chatting with us today and to everyone who logged on to take part.

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