If the tenants at the city’s NYU-Poly incubator are any indicator, Wall Street is soooooo 2006. A number of the 20 tenants working out of 160 Varick Street are now wantrepreneurs who have given up finance salaries–by force or choice–for “fin-tech” start-ups.
These former suits are leveraging what they learned on the Street to create financial products and services that, in theory, their old employers will have to compete with, or buy into.
Crain’s New York points to Michael Chuang, who used to sell bonds and mortgaged-back securities for Lehman and then UBS. In March 2008, he founded iTB Holdings, an online brokerage dealing exclusively with bonds, relying on his parting gift from Wall Street ($3 million in savings) as well as funding from friends, family, and angel investors. He now has five full-time employees at the Varick Street incubator and ten more in Eastern Europe. Read More