Firing people is never easy. Especially when you still want to feel good about yourself, and keep the other traders happy and confident. Scores of books are written on the fine art of laying people off.
Trading firm IMC doesn’t 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 their approach to reach maximum effect. On the exciting day the bonuses were to be announced, two traders received a completely different message. “Your bonus over 2009 is… hey, guess what – you’re fired!”. Sounds too sadistic to be true. Some kind of urban legend. Strange enough, it appears to be completely true. The traders weren’t trainees, but experienced traders with a credible track record. This really seems to be the way IMC is treating their employees. Curious to know how management communicates this to their traders.