The News: New Frontiers for Quants

It's not the best time to be a quant, at least not on Wall Street. Model-driven products and their creators have been taking a beating lately, and I've been seeing more discussion of the virtues of good old-fashioned banking, like this one from Naked Capitalism. That doesn't mean those incredibly smart Ph.Ds should be without hope. Because, as the New York Times points out, companies like Microsoft and Intel are looking for new ways to harness computing power - developing products that require a huge amount of smart programming and design, but don't necessarily look like computers. On the surface, this might mean many people will end up changing industries. But deeper down, the trend for powerfully smart appliances that deliver relatively narrow swaths of expertise is bound to have financial applications that will make banking more effective, whether it goes back to olden days or not.

In Praise of More Primitive Finance [Naked Capitalism]

Microsoft Mapping Course to a Jetsons-Style Future [NY Times]

And...

Corporate Alumni and Boomerang Recruiting Programs Are Hot Due to Layoffs [ERE.net]

Written for recruiters, this piece has some interesting ideas about using your connections.

Advice for Transitioning from Wall Street to Start-ups [Information Arbitrage]

The Bloomberg Terminal Stands On The Precipice [Business Insider]

HSBC Seeks $18 Billion in Capital and Cuts 6,100 Jobs [NY Times]

UBS Is Said to Raise Pay After Cuts in Bonuses [NY Times]

Analyst: New UBS chief may sell PaineWebber [InvestmentNews]

Morgan Stanley seeks 'star' manager [InvestmentNews]

People

Middelhoff Teams With Former Bear Banker to Launch Firm [Dealbook]

Richmond Fed Hires Assistant Vice President of Community Affairs [Fed via PRN]