Invest
   Home   |   Business News   |   Personal Finance   |   World News   |   U.S. News   |   Technology   |   Stock Alert   |   Stock Picks  |   Breaking News  |   Forex  |   Gold
Custom Search

Here?s why more Wall Streeters are heading to Silicon Valley

Here?s why more Wall Streeters are heading to Silicon ValleyGetty Images/Chip Somodevilla Ruth Porat. Last week, Morgan Stanley?s chief financial officer of four years, Ruth Porat, announced she plans to join Google as its new CFO. She?s not the only one leaving Wall Streetand heading to Silicon Valley. Goldman Sachs has lost several top people to West Coast tech companiesover the past few years, includingAnthony Noto and Sarah Friar. Noto took over as Twitter?s CFO, and Friar left for Salesforce and is now the CFO at Square. It?s not just veterans who are making a change; more elite college graduates and MBAs are foregoing pinstripes and moving West. Only 10% of MIT undergraduates went into finance last year, according to a recent New York Timesarticle?a startlingly drop from the 31% who tookWall Streetjobs in 2006.?Software companies, meanwhile, hired 28% of graduates in 2014, compared with 10% in 2006,? it reports. Similarly, in 2014 San Francisco and the Bay Area drew slightly moreHarvard Business School graduates than New York. Why are so many people headed to the Valley? ?Young grads, as a general rule, are going to follow opportunity,? saysScott Rostan, who began his professional career with Merrill Lynch and now teaches investment banking and financial modeling courses atUNC Kenan-Flagler Business School.?If the opportunity for jobs are on Wall Street, they?re going to go that way. If they?re perceived to be in Silicon Valley technology companies, they?re going to go that way.? And while Wall Street may be known for its fat bonuses, tech companies are paying huge sums to attract top people.The Brookings Institutionrecently released a reportshowing the top 5% of earners in San Francisco far exceed the top incomes in other major US cities, makingat least $423,000 a year. Beyond just economic opportunity, Wall Street may be leaking talent in the aftermath of the 2008 recession, Rostansays.?There still is a perception problem from the financial crisis that Wall Street is a more challenging environment. They still have that dark cloud, whereas a hot technology startup sounds awesome and exciting.? Justin Sullivan/Getty Many Wall Streeters are trading in suits for hoodies. And for the older set who cut their teeth on Wall Street, Silicon Valley may offer the promise of a healthier lifestyle.Over the past 20 years,Rostan has observedthat the Wall Street vets who switch careers are usually making ?a lifestyle choice.? ?Wall Street right now is under a lot of regulatory scrutiny,? he says, ?and there are a lot of pressures on them that are outside of their individual day-to-day control. Going to a high-profile technology company can be more liberating and freeing because you can then be creative instead of reactionary.? Wall Street banksare notorious for their 100-hour weeks and grueling work experiences. While many Silicon Valley startups and established tech companies also require long hours, they maintain a reputation for innovation, creative freedom, and meaningful work. In Google?s announcement that Porat would be joining the company, she said:?Growing up in Silicon Valley, during my time at Morgan Stanley, and as a member of Stanford?s Board, I?ve had the opportunity to experience firsthand how tech companies can help people in their daily lives. I can?t wait to roll up my sleeves and get started.? NOW WATCH: 14 things you didn?t know your iPhone headphones could do Please enable Javascript to watch this video Read more stories on Business Insider, Malaysian edition of the world?s fastest-growing business and technology news website.


Singapore Airlines says not in talks to buy stake in HK Airlines

Singapore Airlines Ltd (SIA) denied on Tuesday a media report that it is in talks to buy a stake in Hong Kong Airlines International Holdings Ltd. "We are not in talks to buy any stake in Hong Kong Airlines," said a spokesman at Singapore's flag carrier. The Wall Street Journal newspaper cited sources as saying that SIA is in talks to buy a minority stake in the Hong Kong-based short-haul carrier as part of an effort to tap into China's booming travel market. There was no immediate response to an email sent to Hong Kong Airlines outside office hours. The WSJ report said negotiations between SIA and Hong Kong Airlines are still at a preliminary stage and the size of the investment has not been finalised.

Market uncertainty tempers forecasts for equities' gains this year - Reuters poll

A zoomed overview shows the trading floor at the German stock exchange in FrankfurtUncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analysts' forecasts for stock market gains this year, Reuters polls showed on Tuesday. Chinese and most European stocks have led the way with a stellar run, buoyed by stimulus from the People's Bank of China and the European Central Bank. Fund managers and strategists also warned that the prospect of an interest rate rise by the U.S. Federal Reserve this year will create turbulence in global stock markets.


Europe stock indexes on track for best first quarter in years

European shares fell on Tuesday, taking a breather from their sharp rally of the past three months triggered by the drop in the euro, with Germany's DAX index set to record its biggest first quarter gain since its creation in 1988. As the quarter draws to an end, the DAX is up 22 percent, while the FTSEurofirst 300 index of top European shares is up 16 percent, strongly outpacing Wall Street where the S&P 500 is up 0.8 percent since the start of the year. A survey of around 50 fund managers and strategists conducted in the past week predicted the pan-European STOXX Europe 600 index would rise more than 6 percent from current levels to 425 points by the end of 2015. "The question is whether being a late starter has left the ECB and Europe too far behind and too close to deflation.

Market uncertainty tempers forecasts for equities' gains this year

A zoomed overview shows the trading floor at the German stock exchange in FrankfurtUncertainty surrounding the timing of the U.S. Federal Reserve's interest rate hike has tempered analysts' forecasts for stock market gains this year, Reuters polls showed on Tuesday. Chinese and most European stocks have led the way with a stellar run, buoyed by stimulus from the People's Bank of China and the European Central Bank. Fund managers and strategists also warned that the prospect of an interest rate rise by the U.S. Federal Reserve this year will create turbulence in global stock markets.


Amaya posts huge jump in adjusted profit; seeks Nasdaq listing

By Euan Rocha TORONTO (Reuters) - Amaya Inc , which recently acquired online gambling sites PokerStars and Full Tilt, reported a near eight-fold rise in quarterly adjusted earnings on Tuesday, and outlined plans to seek a secondary listing on the Nasdaq. The Montreal-based company said it plans to win new clients and supplement growth from its core poker business through expansion into other areas such as sportsbetting, social gaming and fantasy sports. "We anticipate the launch of sports betting in certain markets in the coming days with an expansion across the network to take place through the first half of 2015," said Amaya Chief Executive David Baazov, in a statement. Amaya said it currently plans to execute on this strategy via both organic development and strategic acquisitions.

Chuck Schumer: 15 Things You Didn?t Know

Chuck Schumer: 15 Things You Didn?t KnowWhen Senate Minority Leader Harry Reid surprised Washington last week with the announcement he would retire from the Senate in early 2017 and not seek reelection, one of the first people he told was New York Sen. Chuck Schumer. Reid almost immediately endorsed Schumer, 64, to replace him as key Senate Democratic leader. Sen. Dick Durbin of Illinois, the number-two Senate Democrat, said he wouldn?t stand in the way, and now Sen. Patty Murray, also mentioned as a potential Reid replacement, said she?ll support Schumer for the role. ?Sen. Chuck Schumer has spent his entire career carrying water for Wall Street interests,? Becky Bond, political director for the liberal group CREDO Action, told The Los Angeles Times.


Indian equities end flat after robust opening

Mumbai, March 31 (IANS) After trading in the positive terrain for the bulk of the day on Tuesday, a key Indian stock market index ended flat, with a marginal loss of 18.37 percent or 0.07 percent, as per provisional data. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened above the psychologically-important 28,000-point mark at 28,069.85 points and inched up to the intra-day high of 28,180.64 points -- a gain of over 200 points.
 
 
   DOW JONES
  
   NASDAQ
 
   S & P 500



 

  

 



 
 
 
   Latest News From CNN Money

This is how far moms will go to have U.S. babies
Stocks are up in 2015, but wild ride isn't over
Low-wage workers plan major strike
11 things you need to know about the Surface 3
Indy Star sends bold message to state officials
 
 
   Latest News From The Wall Street Journal
Charter to Buy Bright House Networks
Companies Block Staff From Suing in Wake of Court Ruling
U.S. Stocks Extend Slide
Taiwan to Apply to Join China-Led Development Bank
Warburg Pincus Commits Up to $500 Million to Oil and Gas Startup
 
  Home
  Business News
  Personal Finance
  World News
  U.S. News
  Technology

         

               
                 Copyright 2007-, Invest.