As the titans of Wall Street gathered to network, gossip and consider the future of their beleaguered industry in Davos over the past week, one common worry emerged....
Who is going to take over from them when they leave ?
Reuters reports that some of the most ambitious minds in finance are leaving the industry after years of losses, scandals, bad press - and perhaps most importantly new regulations that have curbed some previously free-wheeling ways.
The issue, executives say, is not pay, but how much scope there is to innovate and build businesses, which is why more bankers and traders are leaving the big Wall Street firms for Silicon Valley, joining private investment partnerships like hedge funds and private equity funds, or going into energy and other industries.
The problem is particularly acute for big banks such as Goldman Sachs Group Inc or JPMorgan Chase & Co, several senior bank chief executives, managers and consultants told Reuters in interviews at the World Economic Forum here.
'There is a massive talent drain in our business', said a senior Wall Street executive, who declined to be identified.
Hit the link below to access the complete Reuters article:
image: © David Blackwell