This is a fact. In regard to Southern schools, NYC only hires from Duke and UVA, and sometimes Vanderbilt.
Approximately 150 students accepted NYC investment banking jobs from my graduating college class. Over 60% of them quit within the year, and these are people that grew up in LA, SF, Chicago, DC and NYC. (After 5-years in NYC, there were only 25 of us left from the original 150.) The South has a completely different culture, and academic competition at Emory is totally different than at Princeton (or even Georgetown for that matter). You can obtain a great education anywhere, but the mindset to withstand NYC and, worse, its work environment is completely anathema to a Southerner or to someone who spent 4-years in college in the South. UVA and Duke are undoubtedly the exception. UNC kids possess the "academic chops" but lack the will to endure 100-hour weeks and 7-days a week for one's career. There are exceptions, such as James Harrison who ran JP Morgan/Chase, BUT he started out in commercial banking, which is a completely different animal.
Johny Mack from Morgan Stanley was Summa *** Laude at Duke AND was also a star Linebacker. Obviously, he excelled on Wall Street.