It seems illegal immigrants aren’t the only ones ditching Wall Street to find work elsewhere. The NY Post claims that traders, bankers and brokers (oh my!) are leaving NYC for exotic destinations like Asia, Chicago and, um, Milwaukee—all in search of a paycheck. A loss to New York’s economy but likely a boom for that of other cities and the balance sheets of boutique firms.
NY Post: 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…
New York State Comptroller Thomas DiNapoli expects 40,000 Wall Street jobs could be lost by the end of the year. So far he said 13,200 people have lost jobs in New York’s financial sector since a year ago.
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.
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