Brokers Abandon Wall Street

The New York Times reported in April that the financial crisis was altering Wall Street as diminishing bonuses and loss of status (to say the least) among the public are leading to an exodus of top talent.

Today the Wall Street Journal offers more compelling evidence for a big reshaping of the financial sector with the headline "Brokers Abandon Wall Street." The paper reports that according to the Financial Industry Regulatory Authority, 11,600 brokers have left the industry so far this year, and the year is not even half over.

Read more from the Journal (subscription required).

Comments

[PhilipTaylor]

Misuse of the term "TALENT" unless that is Wall Streets word for willing to do anything legal or illegal for a few $Million!

Banking need to downsize back to its level of 15% of the economy from the 40% it Hyper-Inflated to in 2006-early 2007.

Where are these people going to find $20 to $100 Million Christmas Bonuses on top of $10 to $50 Million in base salary? They are not going to find it anywhere in the world.

1980 Wall Street Executives made _20 times the average Worker
2008 Wall Street Executives made 400 times the average Worker

1980 USA Executives made 20 times average Worker
NOW Canada Executive make 20 times average Worker
NOW Britain Executives make 22 times average Worker
NOW Japan Executives make 11 times average Worker

300% Increase in Pay for Top 1% from 1980 to 2008!
20% Decrease in Pay for Other 99% from 1980 to 2008