According to Bloomberg.com hedge funds world wide will have to fire 20 000 people in 2009. That’s 14% of all jobs in the industry. And thats on top of the 10 000 jobs that was lost in 2008.
Hedge Fund Research Inc has estimated that 920 hedge funds closed shop last year. When 70% of all funds lost money in 2008, it’s going to take a while before anyone can cash in.
Even worse times
Morgan Stanley has predicted additional falls on $250 billion dollars. Thats a 21% fall. If that happens hedge funds will have $950 billion total, which is the lowest since 2004.
Looking for a job?
gordon gekko from the movie wall street
“The hiring process is turning back to the 1990s, when candidates had 15 to 30 interviews before being hired,” said Michael Karp, chief executive officer of Options Group to Bloomberg.
Source: Bloomberg.com
