'It’s an exciting time to be joining the industry'.
There’s a narrative in banking that the smartest workers are decamping for private-equity firms and hedge-funds, where the rules can be looser and the paychecks bigger.
The Wall Street Journal reports that Michael Corbat, chief executive of Citigroup, is not particularly concerned. For one thing, there’s only so many people those places can hire.
'I think what probably John and Joe would describe is, there’s a limited number of seats in these firms,' Corbat said on Monday night.
John and Joe would be hedge-fund titan John Paulson and Joseph Landy, co-CEO of private-equity firm Warburg Pincus. They flanked Corbat at a panel at New York University’s Stern School of Business – held in an auditorium named for alumnus and benefactor Paulson.
Besides, to Corbat, consummate Citigroup salesman that he is, it’s an exciting time to be joining the industry, with opportunities in globalization and 'the move toward digital.' Banking, he said, 'is a business that’s still got the opportunity to grow.'
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