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<p>To be clear, the issue is not regarding investment banking as a whole, but rather regarding engineers who become investment bankers, and specifically, whether such a phenomenon is beneficial for society or represents a long-term brain-drain of the world’s innovation base. </p>
<p>Specifically while I agree that the absolute number of engineers hired into investment banking is miniscule, the issue is not the sheer number of engineers but rather which ones. If investment banking was poaching the 2.0 engineering students from the 4th tier schools, or even just a random draw from the entire engineering student base, it probably wouldn’t be concerning. The problem is that they disproportionately draw from the highest performing engineering students. Let’s face it - a PhD in engineering from Idaho State is not going to garner you an Ibanking position. But a PhD in engineering from MIT very well may. </p>
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<p>Well, I think the events of the last few years have emphatically squandered whatever customer trust they may have had. </p>
<p>But in any case, you seem to agree that the Ibanking industry is indeed raiding the best and brightest, for whatever that’s worth. What are the implications to society when the best and the brightest are being poached away from engineering and innovation to peddling securities?</p>