Market thugs attack hedge fund jobs while Goldman Sachs phones explode - eFinancialCareers — SkimNews
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- Hedge funds dumped positions and cut staff as the selloff deepened, the WSJ's exclusive pairing portfolio liquidation with staff reductions rather than treating the episode as purely a jobs story.
- Goldman Sachs phone lines were overwhelmed with calls, the eFinancialCareers report said, even as market turmoil was attacking hedge fund jobs.
- Walleye will return $2 billion to clients in a stocks trading reset, according to Bloomberg, putting a concrete dollar figure on the client-facing side of the turmoil.
- Hedge fund managers were doing two things at once, selling holdings and shrinking payrolls, a combination the selloff coverage shows only when the two headline threads are read together.
Why it matters: Hedge fund staff bear the immediate cost of the selloff, with fund layoffs running alongside heavy position selling, while Walleye clients are getting $2 billion back in a stocks trading reset. The neglected part of the story is the money: funds are shrinking portfolios as well as payrolls, and client accounts are being re-set.
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