Stripe lures former bank workers as insiders complain about ‘finance brothers’
It seems like the right time to find a new job at Stripe. The digital payments company, valued at $ 100 billion, is said to be discussing an IPO in 2022. If you walk in now, you could still get some valuable stocks.
This does not seem to have escaped the notice of various people in the banking industry. Former Goldman Sachs banker and Bank of England Governor Mark Carney joined the board of the California-based firm in February.
Carney isn’t the only ex-Goldmanite in situ in Stripe. In July, the fintech company hired Jack Carney, a senior engineer who had spent 14 years with GS, for its London office. In April, she hired Sujatha Srinivasan, Goldman’s former co-head of market risk in New York. Other Goldman escapees include Jeff Gowen, a former Goldman chief executive who joined in July as head of partnerships, mergers and acquisitions, and financial strategy, and Grant McGovern, a software engineer who joined in May. Goldman’s Marquee team.
As Stripe exponentially grows its workforce, Goldman isn’t the only one providing it with new employees. And its hires aren’t purely tech-driven. Hyunah Lee joined London in May 2021 as a senior partner of JPMorgan’s electronic FX options trading team, for example. Former Citi eFX solutions vendor Dan Wilson joined last July to manage banking and financial partnerships in EMEA.
However, as with any fast growing business, Stripe seems to have some youthful cultural issues. In an anonymous post on the Blind Forum website last week, an engineer with 22 years of experience who claimed to be on a $ 480,000 package said he left Stripe to preserve his sanity amid it. he said he was a consensus culture where no one makes decisions and yet people are micromanaged. In another Bind article last year, there were complaints that the culture was “just financial brethren ignoring all obvious issues with the business until their shares are vested.”
It should be noted that not everyone at Stripe feels like this. In an August article published on Glassdoor, other equally anonymous Stripe employees praised the company for its lack of micromanagement and “really smart” people, who have been variously described as “conscientious and humble” and “Brilliant and kind”.
There will be ample opportunity for bank workers who want to test Stripe’s culture to do so. FinTech currently has nearly 2,000 job openings, including 263 in New York and 58 in London. 451 are for teleworkers.
Stripe has yet to publish global accounts, but its activities in London are expected to report soon for 2020. The latest accounts filed in London (for 2019) highlight how fast it is growing: revenues have increased by 150% during the year to reach $ 185 million. At the time, London’s workforce was minimal, at just 38, split between sales and marketing (13), administration (11), banking (6) and engineering (8).
In 2019, London employees at Stripe were paid handsomely, at an average of £ 182,000 ($ 252,000) per head, even before stock was added. – Which may also explain why so many bankers want to work there.
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