Life for New York’s hedge fund wives has changed dramatically. Almost half the city’s 1,000 hedge funds have disappeared. Globally, 10,000 hedge fund workers lost their jobs last year, and a further 20,000 are expected to be out of work this year. An industry that was once worth about $1.9 trillion is now worth half that.
“We’ve been seeing a lot of résumés, a lot of networking ”” and these are not newcomers,” says Neil Morris of Kinetic Partners, a hedge fund consultancy. They are people, he explains, who have been in the industry for years and are now looking desperately for a new home.
Before we know it … Zabar’s will be taking food stamps.