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THURSDAY, NOVEMBER 26, 2009
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Bankers Leave Street in Rear View; Head for Academia

Execs take teaching jobs amid crisis

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(Newser) – With the financial tornado buffeting Wall Street, some of its leading figures are ditching their careers for work in academia, Time reports. Merrill Lynch’s former president is teaching at Yale; Citigroup’s former merger boss headed to Berkeley; a onetime Goldman Sachs exec is now at Harvard. “It’s hard work for little pay,” notes a Goldman veteran now at New York University.

In the past, such Streeter-to-scholar transitions were usually reserved for those approaching retirement or with mid-level jobs—not the often young, top figures now migrating. But the credit crunch has damaged financial firms to the point where such execs may not have much to do. And they’ve also suffered a blow to their image, making the switch more appealing.

A Wall St. street sign is seen near the New York Stock Exchange.
A Wall St. street sign is seen near the New York Stock Exchange.   (AP Photo)
Michael Klein, formerly of Citigroup, headed to Princeton.
Michael Klein, formerly of Citigroup, headed to Princeton.   (AP Photo)
Princeton University.
Princeton University.   (Shutterstock)
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The country is in bad shape right now, and if I can help some students, that will make me feel good. I can offer them a real world perspective to what happens in the board room. - John Chrin, formerly of JP Morgan Chase

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4 comments
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TerrifiedCitizen
Apr 21, 09 2:21 PM CDT
That's all we need is these extreme speculators teaching the next generation how to fleece America... Reply
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sadtimes
Apr 21, 09 2:26 PM CDT
Or how to undo the damage done - there are two sides to every story. Reply
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SPH
Apr 21, 09 4:19 PM CDT
Ponzi Scheme 101..... Reply
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radnip
Apr 23, 09 5:00 AM CDT
We still haven't heard an apology from the business schools that taught these financial "wizards". Reply
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