Sunday, 12 April 2009
STRESS TESTS NOT IN, BUT TOP TALENT ALREADY FLEEING BIG BANKS
By GRAHAM BOWLEY and LOUISE STORY
Published: April 11, 2009
The turning point for Stephan Jung came in February, around the time bonus checks were slashed. A veteran of UBS, one of many banks tarnished by the financial crisis, Mr. Jung realized that the old Wall Street would not be bouncing back any time soon. It was time to head for the new.
Rick Crescenzo, formerly of Bear Stearns, works at Broadpoint. Smaller firms have been hiring hundreds from bigger banks.
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Alan Zale for The New York Times
“After 10 years, I did not see a future for myself,” said Stephan Jung, who quit his job at UBS to work at Aladdin Capital.
“After 10 years, I did not see a future for myself,” said Mr. Jung, 42, who quit to parlay his sales expertise into a career at Aladdin Capital, a small but rising investment firm run by others who had also left some of the most venerable names in finance.
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