In the past year, a number of top financial professionals have decided to swap toxic assets and big acquisitions for academia.
Frank Yeary, Citigroup’s former head of mergers and acquisitions, left the bank last summer to become a vice chancellor at the University of California, Berkeley. Apparently, Yeary’s boss at the time was a little jealous. A month later, Citi’s head of investment banking, Michael Klein, left for Princeton University. Harvard has nabbed a top Wall Streeter as well: Edward Frost left the job of Goldman Sachs’ head of investment management to join that school as executive vice president.
The money quote (no pun intended):
“You get a tiny office, none of your colleagues talk to you for a while, and you have to figure out what to say to students for 36 hours a semester,” says Roy Smith, who left Goldman 21 years ago to become a professor at New York University. “It’s hard work for little pay.”