Top Talent is Leaving Wall Street

    Most recently, two Goldman Sachs partners, one is also a founding veteran of GS consumer banking, have given up their top jobs at Goldman Sachs for Walmart's new fintech subsidiary. A day later, Goldman Sachs lost another go-getter, who went to hedge fund Tiger Global Management.

    To outsiders, Wall Street was a pretty good place last year, still generating profits during the pandemic. But for insiders, Wall Street is also an ideal place to leave. The departure of several Goldman Sachs veteran highlights the exceptionally good opportunities for Wall Street elites in 2021.

    Fintech is a hot area right now, and venture capital firms are pouring money into these startups. Businesses focused on cryptocurrencies, payments, financial advice and commission-free trading are taking off. These financial startups need real experts who understand how the industry works and are willing to offer seasoned Wall Street professionals unusually attractive pay, including multiplier salaries. As bonuses wind down, Wall Street departures begin to surge.

    A senior executive estimated that a department head at a top bank earning between $10 million and $15 million a year could double or triple his salary if he was at the helm of such a Fintech start-up, and more upside room.