The News: Inside SAC's Office Culture

eFC logo

Wall Street stars have much in common with rock stars, we're often told. On the theory that a peek backstage can help get an audition and a callback, here are some tidbits from a just-published profile of one larger-than-life star of the hedge fund galaxy: SAC Capital and its founder Steve Cohen.

The following intelligence about the environment at SAC Capital come from Bloomberg Magazine's cover story, as summarized by ClusterStock.

- Sunday is a workday for just about everyone: all staff are required to call Cohen between 5 p.m. and 9 p.m. and give him updates on the companies they follow.

- "The interview process can take 14 months and the background check is really extensive. The joke is that Cohen will find out the name of a candidate's second-grade teacher."

- Phones don't ring, they just light up. (Cohen doesn't like the noise, ClusterStock explains.)

- Cohen frequently yells expletives at staffers.

- Cohen sits right in the middle of the trading floor, so any staffer might sit near him.

- Staffers who propose an idea that makes money get paid extra.

- A 20-person compliance staff monitors IMs, e-mails and other communications.

- We found this point most telling of all: "Portfolio managers either make money or they're fired. They usually last about 4 years. (20 portfolio managers were fired or resigned in 2008.)"

This Is What It's Really Like To Work For Stevie Cohen [ClusterStock]

Cohen Trades Secrecy for Golf With Investors Lured by 30% Gains [Bloomberg News]

UBS Boosts Rewards for Asia Private Bankers Generating New Cash [Bloomberg News]

Venture Pools Begin to Show Some Fissures [WSJ]

From Wall Street to Mancakes: A Lawyer Turns to Cupcakes [WSJ]

Fall Of Lehman Brothers Blamed As Strip Club Goes Bust [ClusterStock]

Popular job sectors


Search jobs

Search articles