D.E. Shaw Slashes 150 Jobs

Sep 29 2010 | 10:21am ET

D.E. Shaw Group, which has seen its assets under management drop by half over the last two years, has cut about 10% of its employees.

The roughly 150 casualties range from senior executives to back-office staffers working on the New York-based firm’s Composite Fund. Composite was one of the two funds at D.E. Shaw that restricted redemptions in 2008, despite losing roughly half as much as the average hedge fund that year.

Those withdrawal limits are set to completely expire at the end of this month.

“The D.E. Shaw Group has taken steps to strengthen our business and maximize value for our investors over the long term,” the firm said.

D.E. Shaw currently manages about $21 billion, down from its $40 billion peak in 2008. Most of the decline has been due to investor redemptions.


In Depth

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...