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Note though that Citadel is reputed to have a turnover rate of 100% per year. Their layoffs take care of themselves.
by nequo 4y ago
Note though that Citadel is reputed to have a turnover rate of 100% per year. Their layoffs take care of themselves.
- kennend3 4y agoThis! My personal background is a "well known hedge fund" and the turnover there was rather high. Many quit because it wasn't "a good fit".
- hermitdev 4y agoI spent 9 years there, left a decade ago. Turnover is high, but this is a gross exaggeration. It is stressful, and not everyone can hack it. I was there during and after the '05 layoff when roughly 2/3s of IT was cut. That's still the worst I've heard of from what I hear from friends that are still there. Ken G definitely does the "Good to Great" getting the right people on the bus thing, which typically means the bottom 5-10% are cut, but even that was slowing before I left.
- nequo 4y agoThanks for correcting me. Did you get a sense of whether engineers had a higher or lower turnover rate than traders?
- tomjerry777 4y agoThe turnover for engineers tends to be lower than for traders at citadel and at a lot of quant firms. Additionally, the turnover for citadel is not evenly distributed across teams. Certain teams and orgs have a lot more turnover than others. Some teams are made up of people with <=2 YOE at company while others are made up of people with >=15 YOE at company.