Huge Quant Fund DE Shaw Lays Off 150 People

David Shaw

More news of Wall Street layoffs hits today as DE Shaw, the huge quant-driven hedge fund run by David E Shaw, laid off 150 people today, says Institutional Investor.From II:

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.