Morning Coffee: Where to study when you want Google AND Goldman to come running. Most impressive 28 year-old in banking
If you want to adorn yourself with desirable qualifications and valuable knowledge of the sort that leading banks are desperate to find now, you want to avoid doing an MBA and probably even a Masters in Finance. The most sought-after of today's students are those who've studied machine learning.
As we reported yesterday, J.P. Morgan is looking for PhDs with expertise in machine learning to build algorithms that can analyze large data sets. Goldman Sachs is currently hiring a machine learning and data science engineer to, "crunch billions of data points each day to inform firm-wide market insights and strategies." And Google.... Google is all about machine learning these days.
A long article in Wired outlines Google's machine learning evangelism. Although Google's been running machine learning classes for its employees since 2005, its proselytizing on the subject has recently gone through the roof. Right now, only 10% of Google's 25,000 engineers are familiar with machine learning; in future it wants them all to be. To this end, it's just opened a new machine learning lab in Zurich and has seats to fill.
And where does Google go when it wants the best machine learning students in the world? Seemingly to Pedro Domingos, a professor of machine learning at the University of Washington who's authored a book called the "Master Algorithm." "My students, no matter who, always get an offer from Google,” Domingos tells Wired. Helpfully, he's posted his machine learning classes on Youtube, although we suspect that studying them there won't have quite the same affect.
People who succeed in machine learning aren't quite the same as traditional coders. Wired suggests old-school coders are control freaks who like to build a universe in which they are supreme. Masters of machine learning are more creative and experimental and mathematical. "It’s a discipline really of doing experimentation with the different algorithms, or about which sets of training data work really well for your use case,” says John Giannandrea, Google's key promoter of machine learning. "The computer science part doesn’t go away. But there is more of a focus on mathematics and statistics and less of a focus on writing half a million lines of code.”
Separately, Business Insider has assembled a long and impressive list of the top under 35 year-olds in finance. Everyone on it is enough to inspire feelings of inadequacy, but none more so than Razzy Ghomeshi, whom aged just 28 is the head of investment grade trading at RBC Capital Markets in the U.S.
You probably don’t want to work in trading for a European bank in Europe when MiFID II trading rules come in next year: their revenue growth is expected to slow considerably, with Deutsche Bank the worst affected. (Bloomberg)
Goldman Sachs leased some new office space in Frankfurt’s financial district. (Bloomberg)
Frankfurt’s housing market could go the same way as London’s. Rents have already risen 50% since 2006 and are expected to rise further still as bankers descend. (Bloomberg)
Fidelity’s adding 250 staff in Dublin. (Financial News)
13 banks have now selected Frankfurt or Berlin as their new EU hub. 12 have selected Dublin. (Financial Times)
Private credit funds are the place to be. They managed about $600bn at the end of last year.That figure could grow to $1tn by 2020. (Financial Times)
You might also want to consider working for fast growing messaging company Symphony Communications, which aspires to take over from Bloomberg. It now has 230,000 users, up from 220,000 a month ago. (SCMP)
Symphony’s CEO confesses to driving colleagues crazy. (Business Insider)
Irrepressible Scaramucci: “" have a huge opportunity ahead of me. I don't know what it is exactly, but it'll be huge." (Vice)
If you sleep less than eight or nine hours a night, you will die young. (Financial Times)
Never all Byron Trott a, “chubby boy.” (Business Insider)
Study finds a lot of MBA graduates end up in mid-level positions where median pay is $124k. This isn’t great given that you need to make a gross salary premium of $30k a year for 10 years just to recoup the cost of investing in the course. (Financial Times)
Children today are better at delaying gratification than previous generations. (BPS)