Bank-Stock Rebound Comes Too Late for Some Money Managers
This is a wsj.com article.
More than a dozen financial-stock specialists lost their jobs or stepped down in recent months.
The recent rally in financial stocks came too late for a cadre of money managers and analysts at investment firms swept out of their jobs earlier this year as the shares tumbled.
More than a dozen financial-stock specialists lost their jobs or stepped down in recent months, people familiar with the matter said. The turnover hit companies ranging from hedge-fund firm Millennium Management LP to mutual funds including Pioneer Investments and Sun Life Financial Inc. ’s MFS Investment Management, the people said. Hedge-fund giant Citadel LLC also shut down four financial-stock teams at its Surveyor Capital arm as part of a broader round of jobs cuts earlier this year.
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