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The International Magazine
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Redistribution of
brain power
In a period of unremitting gloom an
occasional silver lining glimmers.
The latest is that Wall Street, the City,
and the financial sector in general has
lost its allure for our best mathematic
and scientific minds. For the past decade,
apparently, the draw of high salaries,
and even higher bonuses, has acted as a
magnet to the brightest and best leaving
American and European universities.
When an industry is lost or severely
curtailed there will be a knock-on effect
of entrepreneurism. Workers will work –
somewhere – or make those opportunities
for themselves. The analytical skills that
brought us quantitative trading systems
can be equally applied to sectors outside
finance and now, without the competition
of the financial industry, graduates and
others are looking seriously at bringing
their skills to the fields of medicine,
education and government.
For example, a recent Jobs Fair at
Massachusetts Institute of Technology
saw what one commentator described as,
“a surge of interest in companies –
including non-profit organisations – that
would never have stood a chance on
campus before, pitted against the promise
of Lehman Brothers and Goldman Sachs.”
There is similar anecdotal evidence from
UK universities, as graduation events take
place this month.
Of course, industry is still suffering
from a lack of confidence. There are few
companies willing to risk investment in
research and development, new tooling
and operator training while the timetable
and degree of economic recovery is still
unmapped. But once the recovery is
underway, then the banks – leaner and
more accountable, we hope – will have a
major role to play in nurturing the start-
ups and entrepreneurs whose energies
would previously have been directed into
creating daring trading strategies.
I think we can be excused for doubting the
benefit to mankind of innovative thinking
in the finance
sector.
Let’s hope this
new creativity
will have advan-
tages and reper-
cussions beyond
the
creators’
bank accounts.
Gill Watson