The reinvention of Wall Street

The WSJ reports that key investment banking "rainmakers" 

are seeking to join boutiques firms, such as Evercore, Greenhill or Centerview Partners * * * . For some, the motivation to leave is the same one that drew them to Wall Street in the first place: money. * * * Bankers there are paid almost entirely by "eating what they kill," while the larger Wall Street firms have historically offered somewhat lower, but more consistent, pay. * * *

Looks like things are moving in the right direction.  As I've said:

Over the last generation, better governance technologies have evolved through private equity, venture capital and hedge funds. This should be the model for the reorganization of Wall Street[.]

Among the advantages of what I've called the "uncorporate" model is higher-powered incentives based on the firm's actual financial success or failure.   

Comments

[Joe]

I don't know if this is the safest way to reinvent Wall Street. We got into a big pickle when people tried to find way to expand their bonuses, but here they won't even have a salary to fall back on. Greed knows no bounds.