Hedge Funds May Cut 10,000 Jobs, Options Group Says

From 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...

...``Five percent of firms will be hiring, 20 percent will be gone and the rest will be sitting on their hands waiting for the storm to pass''...MORE