There’s a troubling trend in the financial sector. Many of the best and the brightest minds are leaving the finance industry to pursue other projects. Abhishek Mistry and his colleagues were noted by Institutional Investor survey as one of Wall Street’s top mortgage-bond analyst teams for the third year in a row in 2015. Shortly thereafter, he resigned his analyst position at JPMorgan Chase & Co. to focus on his startup, Mixcity Inc., which develops software for DJs and performance artists.
“A lot of people were surprised,” Mistry said of his unexpected career change.
Another statistic in a notable trend, 33-year-old Mistry became the talented banker to leave Wall Street to follow their own muse. Mixcity is already a successful business and has sold DJ software in more than 80 countries. Media reports have highlighted how a number of top finance professionals have given up jobs in the industry for careers in French cuisine, concierge services for New York residents and developing online forums.
More on Mixcity
Mixcity begab as a personal project for Mistry and two DJs back in 2007. The software (named KueIt) enjoyed a cameo on “Jersey Shore” when Pauly D purchased it before the MTV show began. DJs and artists offering testimonials lauding Kuelt include Fatman Scoop, Clinton Sparks and DJ Pro Style.
The firm’s newest product, JammText, expands the use of screens at bars, concert halls and large parties to project music videos or photo slideshows. JammText makes it easier to mix the images in with tweets, texts and Instagram posts, Mistry explained.
He also noted the growing company has begun to look for venture capital to beef up marketing and product development.
JPMorgan, Wall Street jobs no fun any more
According to Mistry, Wall Street just wasn’t as much fun as it used to be. The job had become way too bureaucratic and cost-focused, meaning there are “a lot of additional things that you need to do on top of what you would consider your job,” he noted. “People, in general, are less motivated.”
He also noted the long hours as a major downside.
A spokeswoman for JPMorgan had no comment on the Bloomberg report.