A quant trading firm made deep cuts to its London technology team
Working as developer at an electronic trading firm can be a lucrative job, as people at the likes of Jane Street and Citadel Securities will testify. It has also historically been reasonably secure, but this may be changing.
Multiple sources say that G-Research, the London-based electronic trading firm which paid circa £239k per head in the year to March 2023, has cut around 100 technology staff in London in the past few weeks.
G-Research did not respond to a request to comment.
The cuts come after some enthusiastic hiring. Around 100 people were added in the year to March '23. "G-Research grew really quickly and now they're cutting," says one senior quant and tech recruiter, speaking on condition of anonymity.
This is the second round of cuts there. As we reported in October, G-Research also cut London jobs in February '23. It's opened a new Dallas office for software engineering teams and many of its new tech technology hires are being made there. It is, however, looking for an NLP researcher in London.
The headhunter said G-Research's surfeit developers should be able to find alternatives. "Markets are picking up and they are the only electronic trading firm letting people go."
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