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Big banks building out in-house programming, quantum computing efforts

The largest Wall Street firms are expanding their in-house programming teams and pouring resources into quantum computing research, according to recent media reports.

Citigroup Inc. plans to add 2,500 programmers to its Institutional Clients Group, the unit that houses its traders and investment bankers, Bloomberg News reported, citing Stuart Riley, global head of operations and technology for the group.

The new recruits will be based in London; New York; Shanghai; Toronto; Dublin; Tel Aviv; the Indian cities of Pune and Chennai; and Tampa, Fla. They will work on projects in both equities and fixed income.

At JPMorgan Chase & Co. and Goldman Sachs Group Inc., as well as Citi, more investments are being made into quantum computing, which could allow banks to calculate risk and analyze positions in a fraction of the time traditional computers take, Financial Times reported, citing interviews with executives at the banks.

Citi Managing Director William Hartnett told the newspaper the technology could revolutionize risk management and trading.