NEW YORK – Two Sigma Investments, a distinguished hedge fund, is about to scale back its workforce by roughly 200 workers, a transfer that comes after a complete enterprise overview by its new co-chief government officers, Carter Lyons and Scott Hoffman, Bloomberg Information reported. The layoffs, which had been introduced on Thursday, account for about 10% of the agency’s workers, totaling round 2,000 people.
The overview, led by Lyons and Hoffman, didn’t have an effect on any portfolio managers. As a substitute, the job cuts spanned throughout numerous departments together with company, engineering, modeling and buying and selling, and securities items. The co-CEOs, who assumed management in September following the step again of founders John Overdeck and David Siegel from each day operations, goal to realign the agency’s sources extra effectively.
In a memo to workers, Lyons and Hoffman acknowledged, “This area-specific review has revealed that our business is strong and poised for continued growth. We have also discovered opportunities to more effectively direct our resources to areas that will drive the most value.” The choice to streamline the workforce displays the corporate’s technique to optimize operations and give attention to areas of potential progress.
Two Sigma, recognized for its data-driven and technological method to investing, has not publicly commented on the layoffs. The corporate’s management change earlier this 12 months marked a major shift, as Overdeck and Siegel had been on the helm for the reason that hedge fund’s inception.
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