Laid-Off Wall Streeters Bartending, Baking Cupcakes

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

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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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