NYC Spending $45 Million To Turn Laid-Off Bankers Into Startupers


Update: Although the original story characterised it as job training, a representative of the program says it’s largely about funding startups and encouraging bankers to join them.

Original post: Job retraining: It’s not just for blue-collar workers in the Midwest. If you’ve been laid off from a Wall Street bank, you might be able to get some new skills on the taxpayer dime.

NYT: Under a program Mayor Michael R. Bloomberg unveiled on Wednesday, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create, The New York Times’s Patrick McGeehan reports.

The plan is intended to stem the exodus of talent from the rapidly collapsing financial services industry, which has been the city’s economic engine for decades, and speed the industry’s recovery, which may take years, officials said.

Not clear: What jobs the ex-bankers will be retrained for. Phlebotomists perhaps? Work-from-home medical billing? Security guard? Those are pretty much the only jobs we see advertised these days.