The news that D.E. Shaw & Company is laying off 10 percent of its workforce is the talk of the town today. All the major financial networks and print publications lead with the story today. Read The Times coverage here.
My question is who cares? Well, I guess the ten percent of the workforce does but in the big picture (with aplogogies to anyone laid off) the news of these job losses is just more of the same. The story reinforces what we already know; times are tough, belts are being tightened and not even the hedge fund industry is immune to problems.
Just a thought…