According to some experts as many as 76,670 investment jobs on Wall Street have disappeared thanks to the global credit crunch that started a year ago. So where did all these Ivy League university educated investors go? According to Bloomberg News many are trying new careers.
About 33,000 financial jobs in the city of New York alone will be cut by this time next year reports the Independent Budget Office. Many traders and bankers are settling for a fraction of their old salaries (which averaged $339,000) for work that brings in less (often much less) but provides greater security and, most importantly, better job satisfaction. One Harvard grad who lost her job as a vice-president in credit stratedy at Bear Steans said she loves the challenge of running her own business. Her new company creates birthday parties and cooking classes for children in New York City.
