Morgan Stanley’s chief financial officer Ruth Porat announced she would be leaving the firm to work at Google. Porat follows in the footsteps of other East coast big shots such as former Whie House spokesman Jay Carney (Amazon.com) and White House aide David Plouffe (Uber) to accept jobs in Silicon Valley. Porat’s move comes at a time when both Wall Street and Silicon Valley are having difficulty retaining and promoting female employees, leading to gender balance issues in both places.
This news also comes at a time when talent from top universities is shifting to Silicon Valley from Wall Street. At MIT, for example, 31% of grads took jobs on WS and 10% went into tech in 2006. In 2014, only 10% went into finance and 28% went into tech.