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How Wall Street Is Losing Talent to Cleveland

  • Regional banks lure half of new executives from biggest rivals
  • Ex-Goldman manager: `We could give our daughter a better life'
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Small Banks Lure Talent From Big Rivals

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.