Wall Street Quants Not Interested In Startups

from the pay-cut dept

With Wall Street firms crashing left and right, some tech startup investors thought there would be plenty of smart and available talent in NYC looking for work, who might be persuaded to join startups. Turns out that it hasn't worked that way. Laid off Wall St. quants seem to want to stay on Wall Street, and don't seem particularly interested in joining startups at a greatly reduced salary and a small chance for eventual stock option wealth. This actually might be for the best. It helps to really believe in what a startup is doing before committing to it -- and a lot (certainly not all) of the Wall St. folks are simply focused on making lots of money as quickly as possible. That doesn't always mix well in a tech startup.
Hide this

Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.

Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.

While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.

–The Techdirt Team

Filed Under: jobs, quants, startups, wall street


Reader Comments

Subscribe: RSS

View by: Time | Thread


  • icon
    Tristin (profile), 5 May 2009 @ 8:20pm

    It's for the best

    Startups don't want the kind of energy that Wall Street folk would bring anyway. I mean, aren't they the people that drove our economy to the brink in the first place? Their "me first" attitude, their willingness to sacrifice principles for money, and their tendency to preserve the status quo rather than innovate and improve...any decent startup should be avoiding that type of person.

    link to this | view in chronology ]

  • identicon
    Yogindernath, 5 May 2009 @ 8:58pm

    Wall Street

    I agree with Tristin. Startups don't require that much enthusiasm or that much energy as compared to Wall Street.

    link to this | view in chronology ]

  • identicon
    Chris, 6 May 2009 @ 12:06am

    I sincerely hope that was sarcasm

    link to this | view in chronology ]

  • identicon
    Joe, 6 May 2009 @ 3:53am

    A little hard to feel sympathetic for POV of the article

    The idea that quants should be crawling to work at much lower wages for a start-up smacks a bit of entitlement on the part of potential employees. The fact is, the only way to have a "normal" middle-class life in New York (e.g. have a family and actually own your place) is to make the sort of salary only these finance jobs offer.

    These guys are smart people. The fact is, once thrown out of work, if they can't get another quant job, they have 3 options, not just one:

    1. Work for your startup

    2. Form their own start-up

    3. Move, and work for a start-up in a location where their start-up pay can pay for a reasonable lifestyle.

    Perhaps now you might see why quants aren't lining up the way you think they should.

    link to this | view in chronology ]

  • identicon
    Anonymous Coward, 6 May 2009 @ 5:18am

    LOL

    What the hell does a guy who is used to seven figure bonuses (based on deal generation - not revenue generation) want with a silicon valley start up?

    link to this | view in chronology ]

  • identicon
    Tgeigs, 6 May 2009 @ 7:15am

    "That doesn't always mix well in a tech startup"

    Neither does their rock of coke a day habit. Let em starve.

    link to this | view in chronology ]

  • identicon
    Evostick, 6 May 2009 @ 8:27am

    What does a quant know about tech startups, apart from being able to program C++?

    link to this | view in chronology ]

  • identicon
    SwissCow, 4 Oct 2009 @ 2:14am

    C++ ? You mean Excel...

    link to this | view in chronology ]


Follow Techdirt
Essential Reading
Techdirt Deals
Report this ad  |  Hide Techdirt ads
Techdirt Insider Discord

The latest chatter on the Techdirt Insider Discord channel...

Loading...
Recent Stories

This site, like most other sites on the web, uses cookies. For more information, see our privacy policy. Got it
Close

Email This

This feature is only available to registered users. Register or sign in to use it.