Young Wall Streeters were surveyed about their experiences in finance — and their responses were brutal
The Business Insider article, “A new survey shows a lot of young Wall Streeters want out,” featured the firm's study, "Career Crossroads: The Talent Migration from Finance to Tech."
Wall Street has cause for concern.
That's according to a recent report by the Toigo Foundation and Russell Reynolds Associates, a New York-based executive-search firm. The two firms surveyed 300 financial professionals with six to 10 years of post-MBA experience to uncover why some Wall Streeters might be thinking about leaving finance.
The global survey ran the financial, ethnic, and geographical gamut.
Top students from America's most prestigious MBA programs are increasingly seeking out careers outside of financial services, and voluntary turnover at some banks has reached peak levels, according to Business Insider's Matt Turner. According to the survey from the Toigo Foundation and Russell Reynolds, 50% of mid- and senior-level finance leaders are considering leaving their employer, and 20% are considering leaving finance.
The report identified the lack of an inclusive work environment as one reason some people were leaving the Street. Many financial firms have taken steps to diversify their ranks, according to the report, but not everyone feels welcomed and valued.
"A resounding sentiment voiced during the focus groups is that the commitment to inclusion must be absolute and ingrained in the organization's DNA," the report said. "Inclusion, as many leaders know, is the more challenging and elusive element to achieve and sustain."
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