Several Wall Street banks recently announced that they are increasing junior level salaries by 20% (~$85k) and scaling back on 100 hour work weeks. Will these changes be enough to slow the tide of talent headed to Silicon Valley?
As a math whiz with a passion for economics, the rising college senior would seem to fit the mold for Wall Street. But Velasquez was actually drawn to the Citi (C) gig because he thought it would make him stand out if he applies for a job later at Google (GOOGL, Tech30). Like other young talent, Velasquez has become disillusioned by post-crisis Wall Street. He sees a better future in the California lifestyle and seemingly limitless potential offered by Silicon Valley firms. "I like Google's innovation. I like working on products that will actually change the world. I don't think Wall Street has that appeal right now," said Velasquez, 22, who is attending the University of Massachusetts, Amherst.