Pros
Was apparently a great place to work many years ago. Also the software engineers that work here are usually of a very high calibre, so at least you'll learn something. Initial salaries are good for a non-bank in London, though don't expect it to go up or get more than a few hundred quid for your bonus.
Cons
Has gone downhill massively since Ion Trading took over, though the rot started before then. Ion Trading is a terrible company to work for (just look at their Glass Door reviews), so this isn't very surprising. I feel sorry for some of Ion Trading's more recent acquisitions, such as Caplin, since it's highly likely they'll end up the same way. The culture is riddled with immoral working practices such as: * Making people redundant with no notice or consultancy period and the absolute minimum legal redundancy payment. And in some cases, they apparently needed a legal reminder on what this minimum even was. * Requiring new joiners to write a Glass Door review as part of their on-boarding process, presumably in an attempt to improve their rating. * Refusing to provide references unless they are provided with full details, including contacts, of someone's new place of employment. A Lab49 employment contract usually allows you to work anywhere you haven't personally worked at, through Lab49, in the last 12 months. However Lab have a history of contacting your new employer and threatening legal action if you try go to any of their clients or potential clients, even though you have never worked with them yourself. People have had job offers or contracts pulled at the 11th hour though this tactic. Even an unsuccessful sales pitch in the last 12 months apparently qualifies as a potential client. If they ever decide that Ion clients count as Lab clients, then most of the financial industry in London will be closed off to you. * Mandatory (and a register is often taken) meetings in the evening, at least twice a year, with a sole purpose of trying to brainwash you into thinking Lab49 is really a great place to work. It doesn't work. After five minutes boredom sets in and everyone switches off. There have also been a number of very dodgy business decisions. For example in 2016, they fired every single QA resource they had. Despite them being some of the best QA resources I've ever had the pleasure to work with. The excuse was that Lab could use Ion's QA team in India. Management have since admitted that Ion, as a group, doesn't do QA very well. And of course, now none of the current Lab49 projects have any formal QA. And don't expect any training courses. You're expected to buy a book and do this yourself on the weekend. Apparently a few years ago, they did put on a Capital Markets course, but like the brainwashing sessions (sorry Town-hall meetings), these were in the evenings, mandatory, had a register and even had a test you had to pass. Also don't expect to have any say whatsoever as to what project you get put on. From what the old-timers say, a few years ago Lab49 in London employed almost 100 people. These days the number of software engineers is in single figures, and that includes the three new graduates hired last year. Unless something is done to turn things around very quickly, I'd be surprised if there's anyone left in London by the end of 2017. As soon as I can find another role outside The City, or one that doesn't need HR references, I'm out. Not a place I'd ever recommend to my friends.