- Ken Moelis, the founder and CEO of Moelis & Company, believes that banks still attract top talent – but Wall Street needs to do a better job of selling itself to young graduates.
- Financial institutions have been competing fiercely for talent with tech giants.
For years, elite investment banks have been competing head-to-head for top talent with technology giants like Amazon, Apple and Google.
Ken Moelis, the founder and CEO of Moelis & Company, believes that banks can still attract the best and brightest – but Wall Street needs to do a better job of marketing itself to young graduates.
“I think we’re still right up there,” he said in an interview last week with Business Insider at the World Economic Forum in Davos. “I get the attraction of technology, and I see it in my own: I have four children. Young people say they want to change the world, and I think the leverage you have in a financial role is way more than people understand. When you’re sitting in the room with CEOs and executives and boards, it’s quite an exhilarating place to be. And I think we could do a better job of explaining that to young people.”
Since the financial crisis, waves of talented employees have left Wall Street for established tech companies or high-flying startups like Uber where the lure of more flexible hours – and in some cases stock options and share grants – can be hard to resist.
Banks, in turn, have made moves in recent years to relax company culture and promote junior employees faster.
Goldman Sachs allows computer engineers to dress down and JPMorgan has set up a modernised tech hub that features an open floor plan and dedicated space for table tennis, foosball and more.
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