I’m broken up in tears for the banksters. And it’s about time..
Regional banks lure half of new executives from biggest rivals
Ex-Goldman manager: `We could give our daughter a better life’
Wall Street banks have been bleeding talent to hedge funds, buyout firms and technology companies. Now they’re facing another predator: smaller lenders in states like Ohio and Rhode Island.
U.S. regional banks are luring executives from global rivals with an ease and frequency unseen before. About half the recruits for senior-level openings at mid-size banks are people whose resumes lead with names including Citigroup Inc. and JPMorgan Chase & Co., estimates Robert Voth, managing director in the financial services group at Russell Reynolds Associates, a recruiting firm. The share was about a fifth before 2008’s credit crisis, he said.
While regional banks aren’t the biggest raiders — they can’t match the potential riches offered by investment and tech companies — they are highly motivated. They must adapt quickly to new regulations, technology and competition from online startups, and in some cases staff new units, so they’re seeking people from firms a step ahead, according to recruiters.