Some have feared the worst for Wall Street after the crash of 2008, but Providence Capital Group’s Tom DePetrillo thinks that the sector will last forever.
“If Wall Street survived the last five years, they’ll survive forever,” DePetrillo, author of Don’t Stop the Roller Coaster: Business and Life Lessons, told StreetID. “They not only survived, they came out stronger.”
DePetrillo, who serves as Providence Capital’s Principal and Lead Partner, said that he expected a lot more damage would have been done. But the financial sector has evaded the hurricane of problems that have befallen the industry, allowing many companies to rise from above the chaos.
Numerous startups have cropped up as well. Thinknum.com, a crowdsourced platform for financial analysis, is one of the newest startups to persevere at a time when the future looked grim.
Justin Zhen, one of the site’s co-founders, told StreetID that he had reservations about launching a startup at such a volatile time. But after thinking it over, he realized that the tools he could provide to investors were valuable enough for him to take a risk.
That gamble has paid off — Thinknum is only a few months old but it has already landed two major corporate clients: JPMorgan and Goldman Sachs.
Zhen is very bullish on the technology side of Wall Street, as is tradeMONSTER president Jim Swartwout. Last week Swartwout told StreetID about the essential career advice he gave to his son.
“I told my son not to get into this industry unless he’s going to become a technologist,” he said. “When I started in the industry, the New York Stock Exchange probably had 500 to 600 people working on the floor. What are they down to now, 100, maybe? It’s all automated.”
Whether the jobs are in technology or some other realm, DePetrillo agrees that things are looking good for the financial sector.
“The future for Wall Street is very, very positive,” said DePetrillo. “[There's] a shift in the dynamics. In some ways you might say it’s become more conservative. In other ways they’re still making a lot of money.”
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