IMC: You’re fired, buddy
Trouble at IMC. Everyone needs a hobby. Some collect stamps, others paint miniature battlefields and the most nerdy of all write weblogs. At Dutch market maker firm IMC they have been collecting side activities. A free newspaper, a website for investors, asset management and some risk consultancy. And the remains of a bank. The era of conglomerates is still alive and kicking, core business is for sissies.
Confronted with a tougher financial climate a new reorganization is in effect at International Market maker Combination. More than a dozen of traders have been fired in march in the Amsterdam office. The IT department didn’t escape the job cuts either. Bad luck. However, no such thing in IMC’s other offices. Hong Kong and Chicago are outpacing their mother. New office space has been signed in the US. An unbelievable 52000 square feet on the entire 43th floor of Chicago’s Sears tower will be leased untill 2020. For comparison, that’s the size of a regular soccer pitch.
This is old news, buddy
Heard they fired 21 traders
i heard they were the only market maker to lose money last year – in the best trading environment for market making ever!
killed by dividends
Experienced index traders have been sacked there as well.
they must be pretty bad. why dont you just move them if you’re expanding in Hong Kong and Chicago?
Guess they were taken responsible for the losses on their long dividend positions. As far as I know they ‘ve always been long dividend. Painful year.
some how i dont think they are doing any expanding
killed by Fortis dividend????…
didnt they learn from 2002, when they, saen and new trade were killed from dividends
I remember Wobbe was fired back in 2005, with his major dividend index positions.. All his positions must have be cleaned up and expired (the cleaner is fired now). Assume new dividend exposure has been taken in financials and index..
i dont think they have any senior traders at imc. just a bunch of graduates!
Word is they left themselves after failed contract negotiations.
“Anonymous said…
Word is they left themselves after failed contract negotiations.
April 7, 2009 9:17 PM “
Not true at all. 20 people were fired from the trading dept. Nothing to do with failed contract negotiations because they were all on permanent contracts except two juniors. All because the new head of trading decided to cut costs. He even removed one of the country heads from the global MT. This guy doesn’t have a clue, changed the long term strategy to a really shortsighted one. They also closed their salesdesk in London one month before start of trading. Must have cost them a f*ckload of money. I guess they will also have to pay redundancy packages.
There are hardly any seasoned experienced traders left, only juniors. Big joke if you ask me. Everyone is building towards when the market picks up again, except IMC. Very shortsighted if you ask me.
probably these juniors will get very div short in the next years 😉
Why fire traders who make money? Doesn’t help cutting costs if you ask me. Assume they’ve been losing money for two years.
sounds like imc lost a lot of money and are doing everything they can to cut costs. very bad management. why dont they just quit. if you cant make money as a low risk market maket in 2008, its time to do something different!
Like a course in written English for example?
if they got killed by dividends, this guys are fucking monkeys, didn’t they check the dividend yields on esx50/aex and ask themselves why where so low in the june 2009, december 2009 ….2010.
after lehman collapse
its the same with saen – they have not made money since their floor traders left and so they were clever to cut and sell the company
Maybe if they had a better risk management?
cool
[…] need any advice for firing people. They’ve found a perfect way to get rid of traders. Last year a few dozen traders and support staff were told to leave by surprise. They have been fine tuning […]
its nothing new .. barcap has perfected the art of firing .. first give low performance rating .. then give the notice of 1 month to improve performance and during that period, note even the minutest of mistakes .. at end of notice period, list all ur problems, prove u havent improved and hand over the firing papers .. works well for them in all geographies ..