Wall Street is facing a crisis even worse than the financial meltdown of 2008, reports New York magazine in a sweeping cover story. As pieces of the Dodd-Frank financial-reform act come into effect, revenues are plummeting, bonuses are getting slashed, and firms are selling off chunks of office space.
"If you're a smart Ph.D. from MIT, you'd never go to Wall Street now," a hedge-fund executive told journalist Gabriel Sherman. "You'd go to Silicon Valley. There's at least a prospect for a huge gain. You'd have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun."