Laid-Off Wall Streeters Bartending, Baking Cupcakes

Former bankers and traders are also gambling, buying hair salons.


Tough times on Wall Street mean more than 76,000 workers in the financial service industry—including traders, bankers, and analysts—are now out of a job. What are they doing now? Trying on new careers for far less pay, reports the International Herald Tribune.

Take 27-year-old Harvard graduate Jessica Walter, who lost her job as vice president for credit strategy at Bear Stearns. Now she's in the cupcake business. Or Jeff Salmon, who left a job investing in asset-backed securities to open a hair-salon franchise in New Jersey. According to the story, former traders and bond salesmen are also bartending and selling real estate. Other ex-traders are paying the bills by gambling (perhaps inspired by the movie Boiler Room?).

And while bankers with a financial cushion are buying ranches out West and moving to Dubai, laid-off investment banker Joshua Perksy is trolling Park Avenue wearing a sandwich board reading "Experienced MIT Grad for Hire."

Wall Street

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