The most sought-after people on Wall Street increasingly aren't traders but mathematicians and programmers. Banks and hedge funds are locked in an escalating battle for quantitative talent, competing directly with technology giants for the same rare skills.

The fictional fund Axiom Quantitative has raised starting pay for new researchers to eye-watering levels, and rivals have followed. Its recruiters say the scarcity of people who can build and validate complex models has made them finance's most valuable employees.

The competition is reshaping how firms recruit, reaching into doctoral programs and poaching from tech. For a generation of graduates skilled in data and code, Wall Street has become one more bidder in a fierce and lucrative auction.