Wall Street Workers Leaving NYC For Fresh Start
Monday, October 27, 2008
New York, NY —Wall Street's loss may be other cities' gain.
Workers who are losing their New York jobs are moving to places they may not have considered before. Bankers and brokers say they're fleeing the city in favor of places such as Florida, the Midwest, and Asia.
KRAEGER: So now all these non-Wall Street firms are going to get the talent that normally would have headed right down to Wall Street.
REPORTER: That's New York headhunter Kurt Kraeger. He says smaller boutique firms typically passed over by some of the banking industry's elite are now hiring them.
Southern Trust Securities, which is based in Florida, reports one out of every five resumes it gets is now coming from workers at top Wall Street firms. That's compared to one in 100 in years past.
Headhunters say workers who relocate will face lower salaries elsewhere. But they may also discover increased responsibilities and freedom.