On public radio this weekend, a financial industry expert mentioned two places where Lehman and other big-firm staff might end up: (1) in the offices of boutique firms that can get top financial expertise for a lot less money, and (2) in the offices of growing firms that want to harvest the wisdom of people who have experienced the tragedy (as bystanders, Cassandras, or perpetrators).
Interesting, then, to see the following job ad:
Quantitative Trading Strategist
Must be currently in a similar role at one of the following firms: Goldman Sachs, Lehman Brothers, Morgan Stanley.
* Development of new models and trading strategies as well as improving existing strategies
* Senior level, revenue producing role within a top Fixed Income alternative investment firm
* Support Portfolio Manager requests for strategy analysis, new trade pricing, and risk monitor tools
* Real time analysis of Risk, P&L, and trading opportunities
Note the emphasis on must and currently. I wonder if the recruiter assumes that anyone left at Lehman, etc. must be the best of the best?
In any case, the management point is this: while Lehman as a whole package is clearly in the tank, many of the people inside Lehman (currently and formerly) have plenty to offer. This includes the ones who had a hand in the failures, if they’ve been good observers and have learned from the experience.