Guy Who Monetized The Revolving Door Is Telling The Kids To Go Work In Tech

Eugene Ludwig says even he can't get you that sweet Wall Street bonus money anymore.
Author:
Updated:
Original:

When Promontory Consulting Group CEO Eugene Ludwig founded his company in 2000, he put himself on the cutting edge of cashing in on the revolving door of talent between Wall Street and the federal agencies that regulate them.

After living through gigs advising the Anthony Mozilos of the world and hiring every former SEC chair who wasn't nailed down, Eugene has basically seen enough of this rapacious regulatory environment and decided that kids who like big money should steer clear of dear old Wall Street.

Per BI:

A wave of regulation that targets Wall Street paychecks will drive more bankers to leave the industry, Promontory Consulting Group founder and CEO Eugene Ludwig said.
The regulations could include so-called deferred-compensation requirements that would delay a full bonus payout for as much as 10 years, Ludwig expects. Regulators could announce these rules before the end of the year.
"We're in for five to 10 years of increasing rules," he told attendees of The Clearing House's annual conference in midtown Manhattan. "It can have a profound impact on the industry."

All these deferred bonuses and clawbacks are going to make it hard to pocket a few million quickly, Ludwig thinks. So where can a Wharton grad go if he or she doesn't want the SEC rooting around in their pockets?

New regulations on pay — specifically deferred compensation and bonus clawbacks — have the potential to drive more young financial services professionals to Silicon Valley, Ludwig said. 

Go West, young MBAs! Head to the world of tech where the money is flowing and the regulation is lax.

And hey, if the government decides to get involved in tech, Ludwig will hire the guys who wrote the regulatory framework and give you a heads up.

A new crackdown on banker pay could drive more Wall Streeters to Silicon Valley [BI]

Related

All The Cool Kids in Tech Wanna Talk About Payroll

Hey brother, can you spare a few million so I can pay a bunch of people?

ZuckerWolf

Adorable Silicon Valley Millennials Think They Invented Taking Speed And Not Eating At Work

Tech bros are looking to get an edge by eating no food, doing a bunch of speed and a little acid.

Twitter In No Rush To Confirm That Jack Is Back

It's only been like 100-plus days...Hold your horses, Wall Street.

Citigroup Now Paying Millennial Employees To Go Away For Awhile

Citi wants its junior bankers to be happy people with personal lives...What is even happening?

Decision Making In Tech Is A Bouillabaisse of Fact and Fiction

Reality is murky in Silicon Valley, but the money is real as f*ck.