Following the Money

Wall Street Brain Drain Reverses as Mathmatons Migrate to Tech


The End of Wall Street as They Knew It,” proclaims the headline on the cover story of New York magazine this week, an epic account of the woes of post-crash bankers. The masters of the universe have had their bonuses slashed, the story says, due to the suffering economy and the provisions of the Dodd-Frank financial reform legislation. The industry also cut 200,000 jobs. Where’s a young, mathematically inclined valedictorian to turn?

“If you’re a smart Ph.D from MIT, you’d never go to Wall Street now,” one hedge fund executive told the magazine. “You’d go to Silicon Valley. There’s at least a propsect for a huge gain. You’d have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun.” Read More