Bank analyst Moshe A. Orenbuch resigned from Sanford C. Bernstein recently to take a position at Donaldson, Lufkin & Jenrette.

During his 11 years at Sanford, Mr. Orenbuch, 34, covered finance companies and southeastern and midwestern banks. At Donaldson Lufkin he will focus exclusively on specialty finance companies, a sector that he says will "continue to achieve growth and profitability."

He will report to Susan Decker, director of research. Mr. Orenbuch expects to issue reports on the sector by the end of the month.

Mr. Orenbuch's move comes at a time of year when analysts, having received yearend bonuses, tend to switch jobs.

In recent years, many analysts at investment banking firms have opted for portfolio management opportunities. Others have taken years of experience and gone the entrepreneurial route, including veteran bank analyst Robert B. Albertson who left Goldman Sachs & Co. on Monday to start a global hedge fund, Pilot Financial, which is to focus on financial institutions.

Last year Carol S. Berger, a top bank analyst at Salomon Brothers, started her own financial hedge fund, Berger*Jackson.

Some leave the sell side because it can be "quite stressful and analysts can get burned out," said Leslie Peyton Gordon, managing director and head of investment banking recruiting at Korn/Ferry International. "You are seeing a shrinking of the investment banking industry, and research analysts are forced to consider new careers," she added.

Leslie A. Nelkin, a sell-side bank analyst at ING Furman Selz recently shifted to the buy side, where he will manage a portion of the company's money.

"I welcome the opportunity to put to work my investment ideas following five years as a financial services research analyst," said Mr. Nelkin.

Mr. Nelkin, 35, covered money-center banks, brokerages, and thrifts at ING Furman Selz. He will continue to spotlight financial institutions there. Mr. Nelkin said that he expects to focus on smaller-cap banks because he sees "greater value there."

"Smaller banks and thrifts were taken down with everything else when the market fell," said Mr. Nelkin. "I expect many of them to rebound."

Mr. Nelkin also will focus on subprime finance companies. "There has been a great shakeout," he said, "and I believe that well-capitalized companies in the sector should enjoy substantial growth opportunities."

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