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Silicon Valley is, and will continue to be, to tech, what New York is to finance. Which means all these other startups will be like regional banks. Good busines
by b_emery 10y ago
Silicon Valley is, and will continue to be, to tech, what New York is to finance. Which means all these other startups will be like regional banks. Good businesses, yes, but not a 'threat' to the big Silicon Valley companies and the tech ecosystem there.
- deleted 10y ago[deleted]
- ghaff 10y agoFor certain values of tech perhaps. Silicon Valley already isn't and never has been a particular center for biotech/pharma for example. One of the things that I expect we're seeing (in addition to the fact that it doesn't work economically for everyone to be in California) is that, as technology of various sorts becomes central to more and more different industries, the centralization of "tech" increasingly makes even less sense than it does already. I do agree it's not so much as a "threat" to Silicon Valley as just a greater distribution of technology centers to other regions.
- clavalle 10y agoNew York isn't the New York of finance anymore. Firms are scrambling to get their presence all over the world because the opportunities are no longer converging on Wall Street as they once did.
- xenihn 10y agoDo you have any articles or anything covering this? Would love to send it to my friend who just lost their finance job in NYC and now thinks they've been blacklisted... Whether or not that's true, I want to convince them that there's nothing wrong with leaving NYC at this point if they can't find a job.
- clavalle 10y agohttp://www.forbes.com/sites/joelkotkin/2016/08/11/welcome-to-yall-street-the-cities-challenging-new-york-for-financial-supremacy/#2776f7c163f9 http://www.forbes.com/sites/joelkotkin/2016/08/11/welcome-to... It is summed up in the last line: "Of the 70 large metro areas we studied, only three have lost financial jobs since 2010."
- monocasa 10y agoI mean, NYSE is owned by an Atlanta company now.
- cylinder 10y agoWas your friend at a hedge fund? They're all laying off so it's going to be tough to find a new job. Relevant to this article, active funds are losing business to passive index funds. Active = NYC; passive "boring finance" = Midwest
- xenihn 10y agoYes, it was a hedge fund.
- vonmoltke 10y ago> Silicon Valley is, and will continue to be, to tech, what New York is to finance. Which means all these other startups will be like regional banks. Wells Fargo and Bank of America defy your assertion here. In fact, five of the ten largest banks in the US are not in New York. Also, I don't know what you consider "regional", but of the 30 or so US banks that have over $100B in assets, only 8 are in New York City.
- ndesaulniers 10y agoI think they meant trading firms and funds.
- dxbydt 10y agoThis isn't quite true. Yes, the BofA head office is in Charlotte. I used to work there. All the interesting work happened at BofA NYC, regardless of its smaller size. The same was true with Wells Fargo. In fact even BofA SF in the financial district does a lot more interesting math especially in hedging and risk, compared to Charlotte. So don't be fooled by the physical location of the bank's head office - most of the interesting work happens in the bank's NYC branch, which is where the talent is.