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This is ignorant of the reality of the personnel strategy in these institutions over the last decade, at least.

Strong technical teams in securities are almost entirely foreign. I was one of two Americans in a unit of fifty. Good communication in mathematics and software doesn’t require you to be from the USA.

They’ve also been building quantitative and technical teams in places like India for years to stand up core functions so that they can effectively deliver larger objectives, and moving responsibilities there for components of larger mandates.

This is only accelerating due to their inability or unwillingness to compete in the US for tech and quantitative talent.

GS is known for the “discount”: they pay less to all levels of employees than their peers.

Both of these companies pay somewhat low wages relative to jobs requiring equivalent expertise in tech. A common story I hear from technical managers in these places is their subordinates being hired away by tech for a significant premium over the managers compensation.