ML-Implode News - Wall Street Eats Its Young

``I've spent the last week and a half following up with resumes we've been sent since posting an opening for a junior advisor. The good news is, the kids are alright. The younger generation joining the profession is going to be just fine - they're smart, ambitious and almost every single one of them cited "doing the right thing for the customers" as a primary goal when I asked them what they were looking for out of a career in wealth management.
The bad news is that never before have the large firms and their priorities been so arrayed against this incoming class of professionals. Once-proud training programs at the wirehouses have degenerated into a glorified Hunger Games-like contest where the failure rate is somewhere between 80 and 90%. With all due respect, any endeavor that 90% of people fail at is categorically not a training program, it's a massacre. A colossal waste of time for a young guy or gal who is trying to learn a profession.''

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Wall Street Eats Its Young