Trading Places: Former Stockbrokers Discover Main Street Is More Hospitable Than Wall Street

Summary

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Lehman Brothers' bankruptcy and the Bank of America acquisition of Merrill Lynch are leaving thousands unemployed. JPMorgan Chase's acquisition of Bear Stearns left thousands without jobs.

Wall Street firms are looking like today's dot coms. Tens of thousands of stockbrokers who once moved millions with the motion of a finger have lost jobs to technology and due to the subprime mortgage meltdown. And the exodus may have only just begun. Estimates as to the number of jobs likely to be lost due to the Wall Street meltdown range from 40,000 to 90,000.

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Trading Places: Former Stockbrokers Discover Main Street Is More Hospitable Than Wall Street

Many Wall Street alumni are finding jobs related to finance, while some head into entirely new fields. SCORE Long Island Assistant District Director Mel Springer said many launch careers as fi...

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