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Bankers Relish Big-Fish Roles in Smaller Ponds
Regional lenders are raiding Wall Street for experienced execs
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Wall Street banks have been losing talent to hedge funds, buyout firms, and technology companies. Now they have new competition for recruits: smaller lenders in Ohio, Rhode Island, and other states outside the financial establishment.
About half the new hires for senior-level openings at midsize regional banks are people whose résumés list institutions such as Citigroup and JPMorgan Chase, says Robert Voth, a managing director in the financial-services group at Russell Reynolds Associates, a recruiting firm. The share was about a fifth before the 2008 credit crisis.