Hedge fund hires who joined $12bn fintech given one hour to leave
While we're (hopefully) past the worst when it comes to fintech layoffs, we can expect more to come in 2024. The latest example comes from $12bn valued spending management platform Brex, which hired names from some big financial institutions and is now letting them go.
Some of those on the list joined Brex from hedge funds. They include a quantitative researcher at Balyasny, and an AI scientist from California based fund Cerebellum Capital. Brex also hired graduates who had other options; one name on the list had internships at both Jane Street and Hudson River Trading, but chose Brex instead.
It appears the layoffs were sudden for many. Juhan Song, a product marketer, said he was left "Scrambling to hand off my work in the hour we had [and] missed the chance for a proper goodbye..." People and culture leader Tara Shelley said it "stung [her] ego" as she felt "entrenched" in the organization and "was receiving positive feedback."
Brex's last valuation was $12bn all the way back in 2021 and some industry experts are highly doubtful of that figure now. Yuechen Zhao, partner at VC firm GSR Ventures, estimates Brex's value as "$800m, a 93% decrease from its peak."
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