Fast data transmission is one thing, but major financial services firms will be reluctant to place facilities in Northeastern Pennsylvania until they know that an adequate, skilled workforce is available. A $15 million federal grant authorized in February is geared toward creating a reservoir of professionals, with the majority of funds earmarked for training and education.

According to Jim Cummings, president of the regional economic development organization Penn's Northeast, 20,000 people in the region already work for financial services firms such as Sallie Mae in Wilkes-Barre, Bank of America in Moosic and Metropolitan Life in Clarks Summit.

He acknowledges it sometimes has been difficult to provide enough trained workers for them, an issue that isn't limited to this region. "It's a national problem," he said, even hitting unlikely areas such as California's Silicon Valley.

Before local educators can craft education programs they must know what employers require. A "gap analysis," aimed at identifying the array of skills companies need and in what proportion will be started this fall, said Susan Shaffer, Workforce Development Manager at the NEPA Alliance.

It's not just stockbrokers that will be in demand, said Luzerne County Community College President Pat Donohue. "There are certain basic skills that characterize what's needed in the industry," and technology is comparable among brokers, insurance companies, banks and data recovery firms. In addition to financial and technology specialists, she foresees opportunities in business management and high-level customer services.

The payoff for workers could be huge. Chris Haran, chief executive officer of the Great Valley Technology Alliance, said he attended a presentation earlier this year at which a speaker said salaries in the range of $200,000 are common in the industry.

Responding to employers' needs is not a new concept, Donohue said. "We regularly get input from local employers. Whenever we hear of things they need we try to incorporate them."

Donohue also chairs the leadership team of the Northeastern Pennsylvania Technology Institute, a consortium of 11 regional colleges and universities that formed in 2004 with aims similar to those of the Wall Street West initiative.

Their collaboration may include installing expensive equipment on one campus and making it available to students enrolled at others. "All of the presidents have been in those kinds of discussions," Donohue said.

Several institutions already cooperate; LCCC and College Misericordia created the Expressway program under which students get an associate's degree at the community college and complete a bachelor's at Misericordia. But Donohue anticipates a more ambitious outcome with Wall Street West.

"What we're talking about now may be more than the transfer relationships. We're looking for an in-depth change. There may be several new bachelor's degrees, there may be some new associate's or certificates."

"It may mean focusing the faculty," Donohue said. For example, instructors who now teach data processing may be asked to shift to new but related fields. "The teachers may need to reach out or change their focus or specialize a little more."

And Shaffer said the educational effort won't focus only on creating a pool of new workers. "Even people who aren't looking to change industries should be upgrading their skills," she said. "Just like you would tune up a machine periodically."

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