3 Iitians win record ₹4-cr salaries
Global proprietary trading firm Jane Street Capital raises the bar with overseas placements
MUMBAI: On the first day of placements, global proprietary trading firm Jane Street Capital set a record by offering ₹4 crore-plus salaries to at least three students from Indian Institute of Technology (IIT) Bombay, Delhi and Kanpur. The offers were made for positions overseas.
All three premier institutes refused to confirm the appointments, as they are bound by a non-disclosure agreement (NDA).
Jane Street Capital did not respond to HT’S email either.
Jane Street Capital, commonly called Jane Street, is a global proprietary trading firm with over 2,000 employees. It is one of the world’s largest market makers, trading more than $17 trillion worth of securities in 2020.
It is a quantitative trading firm and liquidity provider, with a distinct emphasis on technology and collaborative problem solving.
So what is quantitative trading? Deepak Ghaisas, chairman of Gencoval Strategic Services Pvt Ltd, said, it is an algorithm that generates trade predictions for investors.
“The companies advise investors on where to and not to invest using software developed with the help of historical data dating back many years. The algorithms continue to change as data on trading changes,” said Ghaisas.
“Engineers develop software based on the set algorithms.”
This year, tech giants have been selective on campus placements, with many abstaining altogether. The IITB placement office said that salaries offered by others have largely remained unchanged.
Last year cab aggregator Uber had made the highest offer of ₹2.16 crore to students of IITB.
The majority of top international offers at IITS this year were made on the first day itself.
Forty-six companies interviewed candidates from IITB, both online and in-person. Of the 250 job offers on the first day, over 175 were accepted.
The placements will continue over the next 15 days when over 300 companies are expected to participate. There have been 300 pre-placement offers, of which 194 were accepted.
Some of the companies that have recruited are Accenture Solutions, Airbus India, Microsoft India, Morgan Stanley, Mckinsey, Procter & Gamble, Qualcomm, Shell India, Texas Instruments and Tata Steel etc. Domestic offers have been higher than international ones this year.
The global meltdown has led to a slow recruitment drive from tech or software firms in India and around the world. Sources said, the average salary offered on day one of the first phase of placement was between ₹85 lakh and ₹1 crore.