Wall Street firms losing talent

Wall Street sign

Wall Street firms have been bleeding talent to hedge funds, buyout firms and technology companies. Now they’re facing another predator: smaller banks in states like Ohio and Rhode Island.

Bloomberg News reports that U.S. regional banks are luring executives from global rivals with an ease and frequency unseen before.

About half the recruits for senior-level openings at mid-size banks are people whose resumes lead with names including Citigroup and JPMorgan Chase, estimates Robert Voth, managing director in the financial services group at Russell Reynolds Associates, a recruiting firm. The share was about a fifth before 2008’s credit crisis, he said.

While regional banks aren’t the biggest raiders - they can’t match the potential riches offered by investment and tech companies - they are highly motivated. They must adapt quickly to new regulations, technology and competition from online startups, and in some cases staff new units, so they’re seeking people from firms a step ahead, according to recruiters.

To access the complete Bloomberg News article hit the link below:

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