And I work at an investment bank. So I am not sure that this article has any basis in reality. When I interview people, the candidates that are self-taught seem to have the most experience and interest in the job. This almost always makes them an instant "yes".
But I don't really see people like this for very long; 90% of the people I interview are just "lifers" that move from job to job in the financial sector every 6 months. Their recruiters make them lie on their resume, and it comes out in the interviews and makes them look like horrible people. Instead of being self-taught, they simply don't know anything about programming. ("Your resume said you designed your own processor to process network traffic faster. What was your role on this project?" "Oh, uh, well, I uh, got some coffee for the dev team.")
To the contrary, banks are dealing with the established business models and are rarely tolerating even short-term decreases in the added value that every person brings to the company. They hire people to earn money for the bank, not to experiment, and they pay those people accordingly.
So untrue. I work at the biggest investment bank in the country, and this is just not true. Did I mention that this is not true? Not true. Oh so untrue.
Do banks want to decrease their added value? Nope. Do they have a desire to hire 300,000 employees? Yup. And guess what, there aren't that many good programmers in the world. Problem.
Prop shops might be more careful, but banks hire pretty much anyone and everyone and give them a lot of money. It's a big company thing. Do you have buzzwords on your resume? Congratulations, you're in. And you should see the code that this process produces! (My department doesn't do this, but it's clear that most of the other ones do.)