DE Shaw cuts 10% workforce

[Andy Nguyen]

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.

Read more: Huge Quant Fund DE Shaw Lays Off 150 People

 

[Anthony DeAngelis]

Bad bad times. Pretty sad since a couple months ago it looked like banks were hiring once again.

 

[Andy Nguyen]

Anyone wants to take a guess of how the admission numbers for 2011 will look?
Collection of Admission Numbers from MFE Programs | Quant Network

 

[latency]

i am not sure all these applicants read the financial news, say from bloomberg or ft, its a pity but it is true.

Anyone wants to take a guess of how the admission numbers for 2011 will look?
Collection of Admission Numbers from MFE Programs | Quant Network

 

[Scooot]

i am not sure all these applicants read the financial news, say from bloomberg or ft, its a pity but it is true.

Maybe they read QN

 

[Andy Nguyen]

Let's hope so because when they google for any program, Quantnet would have come up.

 

[marina]

Bad bad times. Pretty sad since a couple months ago it looked like banks were hiring once again.

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.

 

[Joy Pathak]

Source Reveals Why Hedge Fund DE Shaw Had To Cut 150 Staff

---------- Post added at 01:37 PM ---------- Previous post was at 01:27 PM ----------

Bank Of America Cuts 20-30 Prop Trading Jobs


Damn.

 

[Joy Pathak]

D.E. Shaw Struggles With New Mexico Bet - WSJ.com