Lunchtime Links: "The largest cutbacks in recent memory among hedge fund firms"

Since 2008, DE Shaw has lost approximately half its hedge fund assets. What with the concomitant decline in management fees, it is now cutting staff. According to Financial News, the resulting removal of 10% of its workforce, or 150 people amounts to, "the largest cutbacks in recent memory among major hedge-fund firms."

Assuming the wanted to return to the investment banking fold, DE Shaw's traders and salespeople may struggle. Brady Dougan today has also confirmed that the third quarter was frankly not great.

Goldman analysts cut Morgan Stanley 3Q earnings estimates by 66%. (Bloomberg)

Newedge Group wants to hire 50 people for Asian sales. (Bloomberg)

Hugh Hendry making huge $2bn bet on Asia's failure. (BusinessInsider)

Ireland has already pumped 20% of its GDP into its banking system. (WSJ)

Carsten Kengeter is now sole head of UBS investment bank. (Bloomberg)

French suddenly threatening to block current 'less extreme' hedge fund legislation. (Telegraph)

Geoghegan doesn't want to work in banking any more, wants to be entrepreneurial. (Bloomberg)

5 ways to prevent the internet destroying your brain. (Alternet)