CitSec just did a round of layoffs, I think a bit under 10% of dev roles were cut (anecdotally). Are other competitors seeing the same? Curious if it’s just us. #janestreet #hrt #jump #optiver
Really? I thought HFTs and buy sides are making crazy money in this volatile market.
Yeah, we had another great year in 2022 so I was pretty surprised. Not sure if they’re predicting volatility to level out, or just trying to hire new people at lower salaries since the market is cooler, or what
From what I heard it’s probably cause Kenny G is looking to sell his private CitSec shares to PE’s, and doing layoffs like this looks good to buyers. Nothing like this anywhere else from what I am hearing, barring Akuna.
Shit, I just joined quant firm after getting laid off from Stripe. Really don’t want to interview again
Where did you end up going?
Don’t worry too much. This year I don’t see any of the established firms doing anything.
Didn’t you post record profits and a company wide trip to Disneyland?
Mayo man needs to look good before meme mania bites him in the ass
Look strong when you’re weak.
Is this different from usual firing? I thought both AM and MM sides regularly laid off a bunch of people.
I think so, definitely nothing like this happened last year. At least on my team, leadership explicitly said these weren’t performance-based firings just headcount reductions mandated by upper management
Do you know if qrs and traders were also laid off?
Also do you know teams?
Yes, a few QRs and trader on my gone too. Most teams I have friends on lost at least one person, so I assume almost all of them
I’m hoping not, for this year, till the firms are making good profits.
Best time to trim fat is when everyone else is, so layoffs aren’t surprising. I don’t think we’re doing any though, just looking more closely at underperformers.
How is it going wrt fund performance. Is it similar to last year?
Just CitSec and not Citadel currently?
No idea, don’t have many friends on AM side
But 1 QR I know there hasn’t heard of any layoffs, so maybe just Sec