Tuesday's Headlines: MBA's reject Wall St. for Entrepreneurship
A growing number of business school students are rejecting traditional postgraduate paths like investment banking, hedge funds and consulting, according to the New York Times . "It's a trend that is accelerating in the wake of the financial crisis as Wall Street loses its luster and Silicon Valley shines with a new crop of multibillion-dollar start-ups," the article says.
At Harvard Business School, graduates from the class of 2010 started 30 to 40 businesses last year, a 50 percent jump from the previous year. Investors are taking notice, and Harvard in particular is making effort to foster innovation among its students.
The Man Group raised $1.5 billion for a new hedge fund in Japan - the largest since the crisis. [DealBook]
Four of the biggest names in the private equity industry all tout China. [NY Times]
ING is considering the sale of its Australian online banking unit. [Businessweek]
Hedge fund Och-Ziff Capital's Q1 profit climbed 33% on higher management fees and clients adding new money. [Bloomberg]
Indonesia's central bank barred 23 lenders from accepting new wealth clients for a month after a local Citi employee allegedly stole client money and a card holder died at a branch. [Bloomberg]
FDIC wants to seize Wall Street salaries? There's insurance for that. [Forbes]
The Thornburg Mortgage trustee filed lawsuits totaling $2.2B against Barclay's, Goldman, JPMorgan Chase, Citigroup, RBS, Credit Suisse and UBS for driving the company into bankruptcy. [Reuters]
The Fed says: The willingness of banks to lend money to consumers hit a 17-year high, yet loan growth weighs on profitability. [WSJ]
The six traits that separate successful independents from wirehouse denizens. [Forbes]