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DE Shaw cuts 10% workforce

Andy Nguyen

Andy Nguyen

Joined
5/2/06
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More news of Wall Street layoffs hits today as DE Shaw, the huge quant-driven hedge fund run by David E Shaw, laid off 150 people today, says Institutional Investor.
From II:
The cuts, which amount to around 10 percent of the New York–based alternative asset manager’s work force, were across the board and included partners and portfolio managers.
The news comes after Morgan Stanley announced yesterday that they had instituted a hiring freeze, RBS cut 500 i-banking jobs in London, and last week's news that Bank of America's plans to cut 5% of its staff.
Click to expand...
Read more: Huge Quant Fund DE Shaw Lays Off 150 People
 
Anthony DeAngelis said:
Bad bad times. Pretty sad since a couple months ago it looked like banks were hiring once again.
Click to expand...
It is difficult to get a clear picture of employment situation based on this news.
The bank where I am working they are firing people(non performers from developers to MDs) every week and replacing them with people from other firms. This is going on for the past six months. Most of the guys fired were able to find some jobs in few months.
 
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