More and more top talent are turning their backs on Wall Street.The latest trend suggests that the allure of the top tier finance world is diminishing. Increasingly, senior executives are seeing Silicon Valley as a more attractive option for their well being – and in in many cases for their wallet. Ruth Porat is among the latest to jump ship from the banking world, leaving Morgan Stanley (MS) for a role as CFO of Google (GOOGL). The move will see her paycheck jump from $13M to $70M. Other banking execs to jump ship have included Anthony Noto of Goldman Sachs (GS) who became CFO of Twitter (TWTR). Imran Khan ditched Credit Suisse (CS) for Snapchat. Sarah Friar left Goldman Sachs for the CFO position at Square and David Wehner became Facebook’s (FB) CFO after exiting Allen and company. The regulatory headache and public scrutiny of the financial world is leaving many of banking’s big hitters disillusioned. Silicon Valley on the other hand appears to have a more tempting offering: A less restrictive work culture, a more creative outlook and a casual dress code. The emphasis on work life balance and the prospect of creating something new is proving to be an attractive offering for finance’s finest. As the tech IPOs increase in size, so it seems, does the Wall Street exodus.
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