He’s wined them and dined them and kept them warm when the trading floor was cold but apparently free hot dogs and Patagonia fleeces don’t go very far at SAC Capital these days. Following a raft of deflections by people who don’t want to stick around to see what the future holds for Point72 Asset Management, Dealbook reports that Steve Cohen is attempting to ensure a little loyalty from his traders, who can choose to do this the easy way or the hard way.

Mr. Cohen is seeking to stem a slow but steady departure of top portfolio managers by pressing those who remain to sign two-year contracts that would bind them to him until the end of 2016, said people briefed on the matter. His firm has also threatened to sue some traders who left before their existing contracts were up and required them to delay the start dates of their new jobs as a condition for their early release, these people said.

To Curtail Departures, SAC Pursues 2-Year Pacts [Dealbook]

11 comments (hidden to protect delicate sensibilities)
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Comments (11)

  1. Posted by Jeff Mackerel | April 2, 2014 at 10:16 AM

    Give a man a weenie, he can eat for a day. Teach a man to weenie, he will never have to fish.

  2. Posted by Ping Jang | April 2, 2014 at 10:52 AM

    I don't think binding is the way to go.

  3. Posted by Jon Shazar Sr | April 2, 2014 at 10:58 AM

    Weiner in hand > Weiner in shazmom

  4. Posted by Stevie | April 2, 2014 at 11:08 AM

    Sorry about the subpoenas and depositions and the general atmosphere of fear. What? You're leaving?! YOU MUST DELAY YOUR START DATE! How DARE YOU?

  5. Posted by Chief Grady | April 2, 2014 at 12:06 PM

    Desparation is a stinky cologne…

  6. Posted by guest | April 2, 2014 at 12:59 PM

    Why would you stay when you can't insider trade anymore ?

    I'd jump on that "raft of deflection" too.

  7. Posted by Ted E. | April 2, 2014 at 1:09 PM

    Sounds nice, are they hiring?

  8. Posted by inarrears | April 2, 2014 at 2:07 PM

    Cristina is hosting a program on traders who slept with their ex-wives while wooing single moms with enormous posteriors

  9. Posted by Everyone | April 2, 2014 at 2:37 PM

    How is this guy not in jail?

  10. Posted by Guest | April 2, 2014 at 3:22 PM

    He will never eat fish.

    There, fixed it for you

  11. Posted by UBS Quant | April 2, 2014 at 9:07 PM

    wait, free hot dogs? in my scion on the way over stevie!