We've noted often that there's a big migration happening on Wall Street. Top bankers and traders are leaving the bulge bracket firms for smaller boutiques where they think they an make lots more money. The New York Times weighs in with a piece noting the trend. There's a lot of hiring going on at the likes of Aladdin, Broadpoint, Pinetum Capital and BTIG. (But not hardly enough to affect the job loss totals). 

This trend certainly explains the imperative to pay back TARP funds at Goldman Sachs and others. You can't just sit back and watch your top talent leave. Not that anyone is irreplaceable. Still, you get the sense that Goldman Sachs will soon be free of TARP restrictions. Those that left may end up with a bit of remorse. My sense is that they will not be welcomed back with open arms. 

For more:
- here's the article 

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