Noncompetes are illegal in California. Trading firms rely heavily on noncompetes to protect their IP. There aren’t other moats like brands and either network effects (FB/G) or licensing deals (apple/Netflix)
It’s less a question of memorizing and more an 80/20 thing. “the 5 key insights that drove 80% of our pnl last year were X and I know exactly what a good research process looks like so we will figure the rest out”. Also of course they don’t want to lose a bunch of key employees. Citadel is a very small firm compared to FAANG and so it would actually be an issue if 10 top quants/techs left all at once
San Francisco Bay Area even before the tech industry has always been a viable location hub for global trade, commerce, and finance between the Asia Pacific and Americas on the west and cultural influences from these regions
Bay Area is full of software engineers. Although trading companies needs software engineers for managing things, reporting, data engineering etc.. it is not really essential part. You can find more experienced folks in related areas focusing on trading in NY, Chicago or Boston.
Yes They have an attitude and they only invest heavily in one part of the country. We talk about US leading in IT when every innovation happens only in BayArea but rest of US is still using cheques for payments (just one example to show how long it took for wireless payment to expand in US when UK and Europe was using it back in 2010 ) and it takes years for that technology to actually flourish all over States. Yes it is a IT hub which attracts investors but doesnt mean it includes only talented people. I was just trying to make it clear on you that the TALENT is not just in BayArea
NYC is the core of the financial industry in the us. Those companies need top finance talent in addition to technical talent and that's not easy to come by with a city filled with tech workers. Plus a lot of those companies work closely with other finance companies (as clearing firms, for example) so its helpful to be closeby for relationship building purposes.