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Promise Of Weekly Super Duper Weenies Not As Enticing As Steve Cohen Had Hoped

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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]