HFs may cut 10,000 jobs

Discussion in 'Wall St. News' started by turkeyneck, Oct 16, 2008.

  1. Hedge Funds May Cut 10,000 Jobs, Options Group Says (Update1)

    By Saijel Kishan

    Oct. 16 (Bloomberg) -- Hedge funds may cut as many as 10,000 jobs this year as they struggle with their biggest losses in almost two decades, according to estimates by executive search firm Options Group.

    The industry has already eliminated 3,000 to 5,000 jobs, out of an estimated 150,000 worldwide, Michael Karp, chief executive officer of the New York-based firm, said today in an interview. Layoffs may double by the end of 2008, he said.

    ``It's bad out there,'' said Karp, whose firm has tracked hedge-fund hiring since 1995. ``Generating returns is not easy at the moment and as funds look to cut costs, the best way is to let go of people.''