Goldman Sachs Group Inc on Wednesday launched an initiative to attract tech-savvy engineers to the bank to take part in a year-long program aimed at developing new finance apps and other innovations, according to the company’s website.
The company is soliciting research proposals from “curious” engineers for a new digital innovation program. Those selected will receive $100,000 in wages and access to its code that allows software programs to communicate with each other, known as application program interface (API).
Goldman’s move is part of a broader trend among companies, including Alphabet Inc's Google, Twitter Inc and Spotify Technology SA, to make similar code available to individuals outside of its company, hoping that their involvement will spur new apps and other ideas.
The bank is interested in research about mobile apps, trading strategies, and data visualization, among other things.
Goldman will select proposals based on “novelty, commercial opportunity, feasibility, and the extent to which they utilize the Goldman Sachs platform, among other considerations,” the company said.