For decades, landing a job at a top investment bank, private equity firm or hedge fund was the top goal for university students. It was viewed as the ticket to building incredible wealth and achieving a high level of social status. The profession, dealing with mergers and acquisitions, taking companies public with initial public offerings, trading stocks and bonds, was deemed an attractive and exciting career.
As Silicon Valley and tech companies boomed, they stole some of the thunder away from Wall Street. Intelligent young people from top universities liked the comparably laidback attitude of cool startups and tech companies. They found it more attractive to wear jeans and hoodies instead of buttoned up suits and ties.
Hot startups and jobs with big-name companies like Twitter, Apple, Amazon, Google Facebook and Amazon offered intellectually challenging opportunities. The lure of stock and options that could make them rich quickly is intoxicating. With the ascension of cryptocurrency exchanges, cool new FinTech companies and other emerging sectors like cannabis, NFTs, blockchain have also attracted potential would-be bankers.
If the banks continue to push for people to come into the office, it's reasonable to believe that a sizable percentage of the top talent will seek out opportunities elsewhere. Since it's a hot job market, bankers, brokers, compliance officers, portfolio managers and other Wall Street professionals have a plethora of jobs available to them. Once the banks see a lot of attrition, they’ll likely loosen up on their in-office demands.
Sure enough, Goldman Sachs, to their credit, realized it's not immune to the trends of the Great Resignation and war-for-talent. With a red hot stock market that has been hitting record setting new all time highs, there has been
I believe that in terms of innovation and acquisition of competent human resources, companies should already make this a routine.🏌️♀️🧘♂️
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