Citadel Investment Group has laid off between about 20% of its workforce, with most of the cuts coming in the information technology department. As many as 200 IT workers were let go, according to a source at the firm, and most left as part of a voluntary layoff plan. "This is in no way a lessening of [Citadel's] commitment to technology. At this moment there are still several hundred members of IT remaining," the source said. "Technology is part of [Citadel's] roots." A Citadel spokesman declined to comment.
At its peak earlier this year, Citadel's technology department reportedly numbered about 500 people, according to a different former staffer. Of the 200-250 or so technology staff affected by the job cuts, about 100-150 are contract positions. Citadel has historically hired such staff to open-ended contracts that often turn into full-time employment. A former IT staffer, who gained full-time employment through this avenue, said there were "a couple of hundred" staff cut in total. He agreed to be laid off voluntarily last month and declined to provide details, citing the terms of his severance agreement.