In an effort to lure talented engineers its way, Goldman Sachs has rolled out a new program in which it will pay engineers to develop new finance apps.
According to a report in Reuters, Goldman Sachs is looking to hire engineers to join a digital innovation program. The engineers would receive $100,000 in compensation along with access to Goldman Sachs’ API. The strategy is part of a growing initiative among corporate America to encourage third parties to develop apps and digital products with their APIs.
Google, Twitter and Spotify are just three examples of companies that are adopting this strategy, noted the report. Earlier on Wednesday (April 3), American Express and SAP Ariba announced a partnership in which Amex used SAP Ariba's API to offer virtual cards on its platform. Meanwhile, the U.K. bank HSBC is launching a developer portal with APIs to meet the day-to-day needs of its customers.
Goldman Sachs is looking for engineers to come up with digital proposals around mobile apps, trading and data. The company said it will choose the proposals based on criteria including “novelty, commercial opportunity, feasibility and the extent to which they utilize the Goldman Sachs platform, among other considerations,” according to Reuters.
As Goldman Sachs pushes further into the consumer marketplace, it has been embracing digital technologies. Marcus, its online banking platform, has accrued $45 billion in deposits spanning the U.K., U.S. and Germany and has issued $5 billion in consumer loans since launching in October of 2016. In March, the company teamed up with Apple to launch the Apple Card, which has zero fees and vows to provide lower interest rates than what is available in the market. The alliance with Apple is seen as a way to bring both companies into new business areas and help Goldman Sachs broaden its reach.