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Wall Streeters fled to Silicon Valley to chase riches, influence, and a better life. Now they’re bouncing back to banking.
After the financial collapse in 2008, waves of talented employees ditched Wall Street to join companies like Google, Apple, or the multitude of start-ups attracting piles of venture capital.
But the trend of Wall Street talent fleeing to Silicon Valley to chase riches, influence, and a better lifestyle appears to be slowing, if not reversing, according to data and interviews with bank executives and headhunters.
The finance and technology industries have converged, and tech’s competitive advantages have thinned, report BI’s Alex Morrell and Dakin Campbell.
“A lot of the solutions being cooked up here are just as advanced and just as sophisticated, if not more-so, than the solutions I saw outside in the fintech space,” Alex Sion, who boomeranged back to Citi last summer to co-head its internal incubator, told Business Insider. “It’s an enormous, enormous opportunity to have impact.” “
Goldman Sachs’ 1MDB problems are eating into employee morale, and insiders worry the firm will use its legal woes as an excuse to scrimp on bonuses
Goldman Sachs traders are wringing their hands ahead of this year’s bonus season, one of the most emotional times on Wall Street.
The sudden prospect of billions of dollars in fines from the scandal involving the 1MDB Malaysian sovereign-wealth fund has some traders worried that the bank has found a useful scapegoat to scrimp on bonuses, report BI’s Trista Kelley and Dakin Campbell. Employees are set to learn about their annual pay numbers next week.
“They’ll find any excuse to cut comp,” one trader in equities said.
Fines wouldn’t be the only factor in determining bonuses, of course. Just how much Goldman employees might bring home also depends on the firm’s performance — equities trading revenue rose 15% through …read more
Source:: Businessinsider – Finance