AP: Wall Street workers leaving NYC for fresh start

[marmar]

AP via Yahoo!:



Wall Street workers leaving NYC for fresh start
Sunday October 26, 2:53 pm ET
By Valerie Bauman, Associated Press Writer

Amid downturn, Wall Streeters leaving NYC for smaller firms in other states, overseas


ALBANY, N.Y. (AP) -- Bankers and brokers looking to escape the financial meltdown are scrambling to relocate their families, possessions and rarified talent far from Wall Street to places such as Florida, Chicago, Milwaukee, Virginia and Asia.

Travis Lacey left investment bank Jeffries & Co. and Wall Street behind in September to work for Baird in Chicago. He also left behind the nagging sense of worry that had plagued him since his company had started announcing layoffs earlier in the year.

"Anyone in that environment, you never know what's going to happen," Lacey said. "There are a lot of good bankers that unfortunately are at the wrong place at the wrong time, especially in New York."

Corporate headhunters say Wall Street's malaise will lead to a permanent talent loss for New York. It could help small boutique firms become bigger players with employees they would never have been able to lure from the city long-regarded as the world's financial capital.

"We're definitely hiring," said Robert Escobio, chief executive officer of Coral Gables, Fla.-based Southern Trust Securities Inc., a broker-dealer and investment banking firm. "Right now we have the capital, and right now we're looking to expand. And I think that's what a lot of boutiques are looking to do, too."

Escobio said in the past few months, one out of every four or five resumes comes from top Wall Street firms -- compared with about one out of 100 in years past. .......(more)

The complete piece is at: http://biz.yahoo.com/ap/081026/wall_street_exodus.html

[Turbineguy]

1. Surely they can find

other firms that want to be ruined?

[snappyturtle]

3. Ditto to what you said. nt

[greenman3610]

2. don't look for them to find real jobs

[mediaman007]

4. Bud Fox's dad, Carl, has some advice:

Stop going for the easy buck and start producing something with your life. Create, instead of living off the buying and selling of others.

Wall Street (1987)

[SoCalDem]

5. They should move to Wasilla, AK

Todd could hook 'em up with a part time job with BP for $100-120K a year...& they'd still have time for snowmachining, commercial fishing & home scvhoolin' the young'uns..

[OhioChick]

6. Leaving NYC for Where?

Layoffs are astronomical everywhere.

[Neshanic]

7. Please for the love of all that's holy, stay out of Phoenix.

[leftofcool]

8. And businesses will follow

[Wiley50]

9. Somehow I don't believe it looks like The Trail of Tears or The Grapes of Wrath n/t