Wall Street is shrinking, but so are some of its bankers.
Eight years ago, Goldman Sachs Group’s Kishan Shah weighed 400 pounds and couldn’t find a suit that fit his 62” waist for a job interview. Now he’s 195 pounds, and he’s quitting Goldman to spread the gospel of healthy weight loss as chief executive of a chain of gyms for obese Americans.
“I made a vow that day to focus on diet and exercise, and I lost over 200 pounds – no surgeries, no fad diets, no trainers,” Shah said in a video chat this month with First Lady Michelle Obama.
Shah, who is 26 and works as an analyst in the Special Situations Group at Goldman Sachs, may not be representative of the typical bank employee who’s leaving.
Fearing that three will be fewer opportunities at banks in the future, many young workers are heading to hedge funds and private-equity firms, or else to the tech industry, where startups are itching to hire Wall Street ex-pats who can help manage their finances and operations. Senior bankers are heading to greener pastures, too. Just this week came news that two twin Goldman partners named Paul and Peter Scialla are quitting to run a home-design firm.
Shah will be taking on a leadership role at Downsize Fitness, a gym whose members must be at least 50 pounds overweight. Downsize now has two locations, in Dallas and Chicago, and is looking to expand, Shah said.