Hedge fund D.E. Shaw fired 150 people yesterday, sources familiar with the situation told Institutional Investor. The layoffs totaled around 10% of the fund of fund's work force and wasn't concentrated in the back-office. The cuts took place across the board and no one was immune, not even partners and portfolio managers.
The layoffs were a result of redemptions that began two years ago and decreased asset size. Assets have decreased to $21 billion today from $30 billion in 2008.
The cuts may mean that getting a job at the fund will be even more challenging. Here's an example of the kind of tough question the firm might ask when looking for new recruits.