The Real Deal Miami

Wall Streeters land elsewhere

October 27, 2008 11:39AM

As the impact of the financial crisis on Wall Street banks sends talented bankers walking from New York City, boutique firms in other markets are picking up the hiring slack. Broker-dealer and investment banking firm Southern Trust Securities, based in Coral Gables, has seen one out of every four or five job applications come from a former Wall Street employee in recent months, compared to one out of every 100 in previous years. An advantage to middle-market firms that pick up workers from Wall Street is that these bankers often take their high-end clients with them, providing sources of income for their new firm. Many junior Wall Street workers who leave for smaller firms elsewhere take salary cuts, which can be compensated for by a lower cost of living.