• 28 Sep 2010 at 4:37 PM

Layoffs Watch ’10: DE Shaw Cans 150 Employees

And if you thought it was just secretaries bearing getting the boot, think again!

The cuts were “across the board,” including partners and portfolio managers. And they weren’t just something David came up with on a whim over lunch but part of “a strategic review undertaken by management as a result of large investor outflows this year.” So, there’s that.

DE Shaw Cuts 10% Of Workforce [FT]
Hard Times For DE Shaw [II]

58 comments (hidden to protect delicate sensibilities)
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Comments (58)

  1. Posted by Anonymous | September 28, 2010 at 9:01 PM

    this stuff happens at DE Shaw all the…oh.

  2. Posted by Anal_yst | September 28, 2010 at 9:16 PM

    How many employees did they have at peak to lay off 150 in one fell swoop, jesus?

  3. Posted by Rho 2 Gamma | September 28, 2010 at 9:21 PM

    Guess those at JPM should not be forwarding their resume to DE Shaw now.

  4. Posted by Otis Day | September 28, 2010 at 9:22 PM

    this is…this is a bummer

  5. Posted by Jesus | September 28, 2010 at 9:25 PM

    Don’t ask me.

  6. Posted by Mr. Market | September 28, 2010 at 9:29 PM

    Look on the bright side, this is a force for economic innovation and entrepreneurship.

    New hedge fund managers just created: 5-10
    New taxi-cab drivers just created: 2-3
    New bartenders just created: 4-6
    New “I’m researching a great new business idea” slackers: 7-12
    New applications at TD Ameritrade: 2
    New web-cam participants: 3
    New bloggers: 4-5

  7. Posted by ChipChipperson | September 28, 2010 at 9:31 PM

    This would never happen at Primerica.

  8. Posted by Mr. 17.5 | September 28, 2010 at 9:31 PM

    New junkies: the rest

  9. Posted by Frank Drebin | September 28, 2010 at 9:36 PM

    Remember: Lee Iacocca was fired. Tom Landry was fired. Steinbrenner fired Billy Martin 4 times. Donald Trump fires people all the time. The captain of the Titanic was fired posthumously. Numerous millionaires have been fired or “let go” in their lives. Because your former employer cares, you get this outsourcing service. This is a painful experience, I know…probably not as painful as jumping onto a bicycle that doesn’t have a seat, but painful nonetheless. As you go forward remember how stressed your still employed colleagues will be. Take some comfort in the fact that you really are more useful than teats on a boar hog, as they say at Tullet Prebon, but I digress. Be what you can be. You are free now! Someone…somewhere out there needs a boar hog’s teats. They just don’t know how to find you!

    -Frank Drebin
    Regional Manager-NE Shitcanning
    Omaha Shitcanners, LLC
    69 Dodge Street
    Omaha, NE 68750

  10. Posted by F Scott | September 28, 2010 at 9:57 PM

    All those MBAs, PhDs, CFAs …….Whenever they feel like criticizing any one…just remember that all the people in this world haven’t had the advantages that they’ve had. (I’ve been drunk for about a week now, and I thought it might sober me up to shit in a library.) Let me tell you about the very rich investment banker/traders with their mentoring and their legacy. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft, where we are hard, cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand.

    F. Scott Dumas

  11. Posted by Mathman Prophecy | September 28, 2010 at 10:08 PM

    Let me rephrase. How many executive bonuses were saved as a result of 150 layoffs?

  12. Posted by Anonymous | September 28, 2010 at 10:35 PM

    so much for all the recovery storys!

  13. Posted by Lickme | September 28, 2010 at 10:59 PM

    Good more jew scum without money!

  14. Posted by NotLarrySummers | September 28, 2010 at 11:20 PM

    Gotta make room for the Big Guy.

  15. Posted by guest28 | September 28, 2010 at 11:29 PM

    1500 if you include the ~700 or so that were in india when i was around

  16. Posted by guest | September 29, 2010 at 12:03 AM

    At first I was thinking this site needs a “dislike” button–but then just letting your ignorant statement stand for all to see is more rewarding.

  17. Posted by derivatives | September 29, 2010 at 12:27 AM

    If you were a trader, quant, portfolio manager at D.E. Shaw, you can write your own ticket. These guys will find new high-paying jobs easily.

  18. Posted by Anon E. Mouse | September 29, 2010 at 12:28 AM

    Does your mom know you’re on the computer? Seriously, dude, cram for the SATs and try to get into a good (meaning without “CC” in the name) college more than 3 miles from home so you can learn something about the world. It will help you in your career at the groceryvstore, where you will meet people of all races and religions.

  19. Posted by Anon E. Mouse | September 29, 2010 at 12:30 AM

    That was meant for “lick me”.

  20. Posted by Guest Emeritus | September 29, 2010 at 2:52 AM

    So you lost your job at D.E. Shaw? How does it feel to be writing your own ticket tonight with tear stains on it?

  21. Posted by guest | September 29, 2010 at 3:35 AM

    Spoken like someone who has never had a job and therefore unable to understand the full impact, economically and emotionally, of losing a job.

    Hoping Derivatives sentiments are true and D.E. Shaw former employees get on their feet quickly.

  22. Posted by Anonymous | September 29, 2010 at 4:09 AM

    hmmm…this is a great business model – I hire you to write a couple of programs; keep you around for a few years to make sure they work properly and create alpha; then fire you once we have everything running properly. oh, one more thing: if you want that serverance, be sure to sign the non-compete so I don’t have you recreating the model at some other shop.

  23. Posted by ExtraOrdinaryPopularDelusions | September 29, 2010 at 4:55 AM

    I try to mock you no more than necessary, but, seriously, what point about “-10%” do you not understand?

  24. Posted by guest | September 29, 2010 at 4:56 AM

    Please, pray for the quants

  25. Posted by Rho 2 Gamma | September 29, 2010 at 1:02 PM

    How did you guys enjoy sleeping in today?

  26. Posted by Guest | September 29, 2010 at 1:25 PM

    Anyone know if there were any US layoffs? I heard they were all in London.

  27. Posted by guest | September 29, 2010 at 1:44 PM

    lost of layoffs in US as well.

  28. Posted by guest | September 29, 2010 at 1:45 PM

    opps lots

  29. Posted by Guest Emeritus | September 29, 2010 at 1:50 PM

    If the DE Shaw employees were so smart, what probabilities did they put on their own unanticipated departures?

  30. Posted by 783 | September 29, 2010 at 1:50 PM

    tons of layoffs in NY HQ.

  31. Posted by Rho 2 Gamma | September 29, 2010 at 1:52 PM

    Tons huh? So were they all overweight and slow to run, so they got thinned from the herd?

  32. Posted by Rho 2 Gamma | September 29, 2010 at 1:55 PM

    5 standard deviations, because they felt they were “too smart to be laid off”. They need to subscribe to the mantra that “You are not your job. You’re not how much money you have in the bank. You’re not the car you drive. You’re not the contents of your wallet. You’re not your fucking khakis. You’re the all-singing, all-dancing crap of the world”.

  33. Posted by Rho 2 Gamma | September 29, 2010 at 1:58 PM

    Sorry for the self-reply, but I just realized that the quote needed to be edited for DE Shaw speak. The quote should have been “You are not your algo. You’re not how much money you have in the P&L. You’re not the bar car you ride. You’re not the contents of your program. You’re not your fucking Bonobos. You’re the all-singing, all-dancing first year analyst of the world”.

  34. Posted by Chrissiewop | September 29, 2010 at 2:25 PM


  35. Posted by Neutral Observer | September 29, 2010 at 3:12 PM

    Don’t hurt yourself

  36. Posted by Chrissiewop | September 29, 2010 at 3:20 PM

    Blow me

  37. Posted by Guest | September 29, 2010 at 3:26 PM

    This is the firm that asks prospective employees for SAT scores…

  38. Posted by Rho 2 Gamma | September 29, 2010 at 3:34 PM

    I always thought that was funny. HR would call and say “we don’t give a fuck about mangna cum laude from MIT, that only got us to look at your resume. We only want to know what your SAT score was before we hire you”.

  39. Posted by Guest | September 29, 2010 at 4:21 PM

    Apparently one of the board members is also on the conference board that makes the SAT exam. Therefore, he correlates SAT score with job performance. Clearly, he needs to revisit the ANOVA on that regression.

  40. Posted by Neutral Observer | September 29, 2010 at 6:20 PM


  41. Posted by ralf | September 29, 2010 at 7:51 PM

    glad i didn’t get that job there i applied for two months ago – WTF are they doing hiring two months before massive layoffs?

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