Layoffs At Glenview Capital
Glenview Capital reportedly laid off about a dozen staffers, or 15 percent of its 85-member staff, and warned survivors to expect reduced incentive compensation next year.
The layoff victims are primarily back-office workers and administrative assistants plus "just a handful" of traders and analysts, the New York Post reports, citing unnamed sources.
As for compensation, the paper says, "While base salaries will remain untouched, performance-based pay for the investment team could be watered down as the company struggles to deal with a 50 percent drop in assets."
Headed by Larry "L-Train" Robbins, Glenview at one time had as much as $9 billion under management. It joins a distinguished list of former top performers forced to backtrack via layoffs and other cost-cutting, now that investment losses are cutting into fee income. The average hedge fund has lost more than 20 percent this year.