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Tech Talent Leaving Wall Street, Moving to Web Startups

by Tim Stevens on September 25, 2008 at 11:07 AM

Silicon Alley Looking for Tech Infusion from Failing Financial Co's

The economy is in bad shape at the moment, to say the least. With banks failing and other financial institutions being absorbed, the foundations of money making in the U.S. are crumbling. However, some companies are oddly optimistic about the situation -- and we don't just mean those who make money from foreclosures. New York-based tech startups have been losing talent to Wall Street for years, and are looking forward to a reversal of this trend as the finance industry's talent comes looking for jobs.

At the New York Web 2.0 Expo, a hot-spot for Silicon Alley techies, executives from hot startups and venture capital firms were almost universally looking forward to the fallout from the Wall Street collapses, the New York Observer reports. It's expected that 40,000 of the best paying software jobs will simply disappear after this, meaning 40,000 (mostly) talented workers will be job hunting and willing to take substantial pay cuts. And, with small tech startups oddly looking more secure than huge, lumbering financial institutions, they should see an influx of talent -- possibly disgruntled talent, but talent nonetheless. [From: The Observer]

Tags: economy, jobs, silicon alley, SiliconAlley, startup, wall street, WallStreet, workplace

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