Crisis Altering Wall Street as Big Banks Lose Top Talent

[babylonsister]

Help me out here! Am I supposed to feel sorry for these people? OK then...:nopity:

Crisis Altering Wall Street as Big Banks Lose Top Talent

By GRAHAM BOWLEY and LOUISE STORY
Published: April 11, 2009


The turning point for Stephan Jung came in February, around the time bonus checks were slashed. A veteran of UBS, one of many banks tarnished by the financial crisis, Mr. Jung realized that the old Wall Street would not be bouncing back any time soon. It was time to head for the new.

“After 10 years, I did not see a future for myself,” said Stephan Jung, who quit his job at UBS to work at Aladdin Capital.

“After 10 years, I did not see a future for myself,” said Mr. Jung, 42, who quit to parlay his sales expertise into a career at Aladdin Capital, a small but rising investment firm run by others who had also left some of the most venerable names in finance.

There is an air of exodus on Wall Street — and not just among those being fired. As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones. They are some of the same banks blamed for setting off the worst downturn since the Depression.

Top bankers have been leaving Goldman Sachs, Morgan Stanley, Citigroup and others in rising numbers to join banks that do not face tighter regulation, including foreign banks, or start-up companies eager to build themselves into tomorrow’s financial powerhouses. Others are leaving because of culture clashes at merging companies, like Bank of America and Merrill Lynch, and still others are simply retiring early.

This is certainly a concern for the banks losing top talent. But other financial experts believe it is the beginning of a broader and necessary reshaping of Wall Street, too long dominated by a handful of major players that helped to fuel the financial crisis. The country may be better off if the banking industry is less concentrated, they say.

more...

http://www.nytimes.com/2009/04/12/business/12wall.html?ref=business

[Arctic Dave]

1. Leave now. Lose someone elses money. Duex Schnozels.

[Cessna Invesco Palin]

2. No, you're supposed to realize that this is a good thing.

These companies need new ideas, not the same old greedheads.

[babylonsister]

6. I guess you missed my sarcasm, but thanks. nt

[NV Whino]

3. Let me get this straight...

This is the same "top talent" that fucked everything up? Do I have that right?

[babylonsister]

5. Why yes, you do! nt

[walldude]

4. Looted one company and moving on to the next...

God forbid they should have to work under regulations that don't allow them to steal everything in sight.

[Fire1]

13. That is my concern! I want NAMES!!!

[gratuitous]

7. Who else will pay them 7 figures for producing nothing?

I'm thinking that Mr. Jung might be in for a little shock.

[Sanity Claws]

8. I think it's supposed to point to the vitality of capitalism

Talent will leave a failing company or industry and go elsewhere.
For too long, finance has been attracted talent because that was where the money was. Talent should be compensated in all industries, including manufacturing and scientific research.

[ddeclue]

9. Talent??? That's like saying the 1980's Braves had "talent"

Talent doesn't run your company into the ground.

Those people are called "losers".

:P

[johnfunk]

10. "Top Talent" = "Most Imaginative Criminal Minds"

And that concludes today's installment of Translating Wanker Media Headlines into Plain English".

[Me.]

11. This Top Talent Thing Is An Urban Myth

It was such a good story it fooled them all into believing they have talent. UBS? :rofl:

[lib2DaBone]

12. Boo Hoo..Poor Bankers...What about Women Infants and Children?

..Oh.. those dirty nasty unwashed masses. For Republicans and New World Order...compassion is not in the cards. CORPORATIONS FIRST!

[GinaMaria]

14. must be nice to have those options

to join banks that do not face tighter regulation, including foreign banks, or start-up companies eager to build themselves into tomorrow’s financial powerhouses. Others are leaving because of culture clashes at merging companies, like Bank of America and Merrill Lynch, and still others are simply retiring early.

Most Americans are just hanging on. Not many have the luxury of quitting work. Most are afraid to lose their jobs. There's nothing to feel sorry for here. They've got it good.

[rucky]

15. After 10 years, I do not see a future for the editor of this article.