ricco

Quote of the Week: PE Most Desired Gig on Wall Street

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January 9, 2014

“The most desirable places to work aren’t the big banks, but rather private-equity firms such as the Carlyle Group and hedge funds like Fortress Investment Group…”

 

Who said it: John Ricco of Atlantic Group, an executive search firm

 

In context: Today, the most desirable places to work are private-equity firms, such as the Carlyle Group, and hedge funds while major investment banks, such as Goldman Sachs and Morgan Stanley, are moving more jobs out of New York to lower-cost cities such as Salt Lake City and Tampa, says John Ricco in an interview with Crains. Although he is upbeat about the prospects for financial industry professionals in 2014, he says that the employment situation on Wall Street is nowhere near what it was prior to the financial crisis in 2008. Another recent study confirms Ricco’s view of the job market. Private equity employment is outgrowing hedge funds and investment banking for employment growth, according to Job Search Digest. It says that “overall, since January 2008, private equity industry employment is up about 1.5 percent, while over the same period hedge fund industry employment is still down 1.7 percent and investment banking industry employment is still down 4.5 percent”.  Readers interested in switching to a career in PE can look at efinancialnews, which has a good tip sheet on the skills and talents required. (Image source: Crains)

 

Where we found it : Crains NY

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