Wall Street is shrinking even as the stock market hits new highs

I got a call yesterday from an old friend, a veteran trader who had worked on hedge funds and as a high-level stock strategist for many years before being laid off earlier this year.

He called to tell me that he had finally obtained a job, working as a strategist at a very respectable firm. I realized that he was one of about a dozen friends I knew had who had been fired from senior positions in the last year, and he was the only one who had gotten another job.

Call it The Great Paradox, or Wall Street’s Miserable Summer: Even as the markets hit new highs and investor sentiment remains strong, Wall Street continues to lay off its own.

 

Source: CNBC

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