A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from December 02, 2012
Conveyor Belt of Wall Street (Wharton School nickname)

The Wharton School of the University of Pennsylvania sends many of its graduates to Wall Street jobs. A Financial Times story in September 2012 called Wharton the “conveyor belt of Wall Street.” The “conveyor belt of Wall Street” nickname was a new description of a long-established practice.


Wikipedia: Wharton School of the University of Pennsylvania
The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the United States’ first business school and the world’s first collegiate business school, established in 1881 through a donation from Joseph Wharton.

Alone and in conjunction with the other schools and colleges of the university, Wharton grants B.S. and MBA degrees, offers a Ph.D. program, and houses or co-sponsors several diploma programs.

Financial Times
September 30, 2012 7:58 pm
Graduates turn away from Wall St
By Tom Braithwaite in New York
(...)
MBA statistics show a steady decline in the number of graduates taking jobs at investment banks. The Wharton school at the University of Pennsylvania, which bankers consider the “conveyor belt of Wall Street”, sent 16.6 per cent of its class to investment banks in 2011 compared with more than one in four in 2008.

Sox First
Wall Street draws fewer graduates
2012-10-01
(...)
The Financial Times tells us that graduates are opting for careers outside investment banking. The big issue for them is the growing job insecurity in financial services. MBA statistics show a steady decline in the number of graduates taking jobs at investment banks. The Wharton school at the University of Pennsylvania, which bankers consider the “conveyor belt of Wall Street”, sent 16.6 per cent of its class to investment banks in 2011. That compares with more than one in four in 2008. The pattern is similar at other large business schools. Instead of the banks, graduates are turning to hedge funds. Which creates a problem for the banks.

The Grindstone
Tue, Oct 2 - 9:32 am ET
Business School Grads Are Turning Their Backs On Wall Street
by Meredith Lepore
(...)
“The number of students going into financial services has remained steady but what’s changed has been the types of roles,” said Maryellen Lamb, director of MBA career management at Wharton. Wharton, dubbed the “conveyor belt of Wall Street,” has seen a major plunge in grads heading to Wall Street since 2008.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Sunday, December 02, 2012 • Permalink