The cuts, which amount to around 10 per cent 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.
Maybe Larry Summers, who once took $5.2 million from DE Shaw (working 1 day/week), will come back to save them.
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