Escape from Wall Street

Thousands of Wall Streeters have already lost their jobs in recent months, but following right behind them are finance workers leaving by choice. The New York Times reports hundreds of the industry's best and brightest are abandoning ship at places like Goldman Sachs and Citigroup, fearing the companies may suffer a long recovery or be dragged down by government interference. While some are concerned that this exodus of talent could hurt recovering banks, some industry experts believe that these departing workers will do the economy more good putting their experience to use in new jobs at places like small startups. “If the risk-taking spreads out to these smaller institutions, it is no longer a systemic threat,” Matthew Richardson, professor of finance at the Stern School of Business at New York University, tells The Times. “And innovation is spreading out too. This is a good thing.”