As Fintechs Tighten Their Belts, Job Market Tightens to Match

Gone are the days when savvy executives could expect to entertain numerous lucrative offers from a whole range of fintech startups. As fintech prospects continue to dry up and layoffs proceed among some of the world’s biggest companies, it’s becoming an increasingly difficult job market for would-be fintech leaders.

To Morgan Stanley’s Chief Executive Officer James Gorman, it only makes sense for such companies to be getting choosier amid a difficult financial landscape. “You’ve got to take into account the rate of growth we’ve had in the last few years,” said Gorman in a recent conference call. “We’ve learned some things during COVID about how we can operate more efficiently. So that’s something the management team is working on between now and the end of the year.” And with that heightened efficiency comes fewer job openings and more stringent requirements for applicants.

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Of course, job-seekers don’t necessarily need to settle for whatever they’re offered. According to Deepali Vyas, the Global Head of FinTech, Payments, Crypto & Applied Intelligence at management consulting firm Korn Ferry, this is the perfect moment for qualified candidates to push to get what they’re worth. “If you have high conviction about what you’ve done in your current role, if you believe you can do things, and deliver on your milestones, you can write your own resume,” said Vyas in an interview.