As part of a cost-cutting initiative, Europe's largest hedge fund manager, London-based Man Group, has doubled the number of job cuts.
The firm told investors it has trimmed staff by approximately 20%, which translates into about 400 jobs, or one in five employees. It had initially planned to cut 10% of staff after acquiring hedge fund GLG Partners in October 2010.
A spokesperson told Dow Jones the firm doesn't plan additional job cuts. Man Group has had a tough time of it lately. Investors requested the return of $7.1 billion in capital between late June and late September.
The job cuts will bring the group's headcount to the level it was before it bought GLG. Most of firm's employees are based in London, with the back office and support functions especially feeling the brunt of layoffs. A source familiar with the matter told the Financial Times that traders aren't likely to be laid off.
Combining Forces (WSJ)
McGraw-Hill is in discussions with CME Group to combine the Dow Jones Industrial Average with the S &P 500. If it goes through, layoffs could follow.
Trading Spaces (FINS)
Is a lack of personal space on the job a deal breaker? These days, sharing space at work has become a reality.
Top Dogs (Universum)
A recent survey of undergraduates with business degrees found that the Big Four accounting firms are among the top 10 most attractive employers. JPMorgan and Goldman Sachs weren't far behind.
Checkmate (DealBook)
Want a job at Goldman or a prestigious hedge fund? Take up chess. Poker has always been associated with finance, but chess also provides the mental acuity that employers want to see.
Getting the Job (Vault)
During the job interview, don't forget to stress your dependability and punctuality; it's reassuring to employers.
Don't Assume (Forbes)
When it comes to assignments, e-mails or even casual banter, don't assume the person on the other hand has a clear grasp of what you're saying. Always spell it out.
What You Love (India Real Time)
One managing director at a private equity firm decided to put down the term sheet and take up his passion at a non-profit organization. To do it, he had to move in with his parents. He thinks it was worth it.
Buzz Around the Office
Think You Can Stomach This? (Mental Floss)
Six bizarre Japanese dishes. One of our reporters can sympathize, he was pressured into eating Zazamushi while living in Japan in 2002.
List of the Day: Four Ways to Practice and Ace Your Next Job Interview
1. Mingle with your mirror
2. Get comfortable introducing yourself
3. Mock interview with friends
(Source: AOL Jobs)