What do you think has caused this? Is all just down to VCs investing in tech bros triggering FOMO in investors? There's not really been any tax or other advantage for investors to move from public markets to wealth managers.
Why is IB dying a long slow death?
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After 2008 Big Tech has been perceived as the next big thing, superseding IB in prestige/perception etc.
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The fun was always in picking stocks but the smarter way to do that is join a hedge fund. People are leaving IB because no amount of money is worth the hours and the culture.
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