Key Takeaways
- • Two Sigma's chief innovation officer Matt Greenwood, speaking on the Engineering Leadership Podcast, says the firm remains a collegial and fun place to work despite a visible rift between its co-founders.
- • Greenwood says staff at certain seniority levels are "fungible and interchangeable," with many people who write models also writing code, and describes the firm's structure as a "lattice that allows people to climb up in any direction they want."
- • Promotions are based on "ability to do certain things rather than your ability to have delivered on certain projects," according to Greenwood.
- • The firm works to prevent employee boredom, using initiatives such as its 'hacker labs,' where Greenwood says "we build robots."
Summary
Two Sigma, the New York-headquartered quantitative hedge fund, has long been regarded as one of the more relaxed places to work in quant finance. According to eFinancialCareers, that reputation has been tested over the past year by a rift between the two founders, who appear to oversee the modelling and engineering functions separately. The fund's chief innovation officer, Matt Greenwood, nonetheless suggests that the day-to-day culture further down the organization remains cordial.
Speaking on the Engineering Leadership Podcast, Greenwood said staff at a certain seniority level are, to an extent, "fungible and interchangeable." He noted that the firm has many people who write models that also write code, and vice versa, and described the organizational structure as a "lattice that allows people to climb up in any direction they want."
The firm's promotion framework reflects this flexibility. Greenwood said Two Sigma's levels focus on an employee's "ability to do certain things rather than your ability to have delivered on certain projects." He also recounted that when he was hired, he was told: "if you get bored because you think the work you do isn't exciting, come talk to me, and we'll sort something out."
Preventing boredom appears to be a stated priority. Greenwood said "programs are incredibly fun to debug, humans are even more fun to debug," and described a guiding principle that problems can only be solved if they can be seen, so the fund creates as many problem-solving situations as possible for staff. One example is its 'hacker labs,' where, in Greenwood's words, "we build robots."
The article is a feature on Two Sigma's workplace culture and does not include financial performance or assets under management figures. Founder tensions are referenced in the context of the past year's reputational strain, and the publisher's related coverage describes the feud between co-founders John Overdeck and David Siegel as a continuing issue for the firm.
Speaking on the Engineering Leadership Podcast, Greenwood said staff at a certain seniority level are, to an extent, "fungible and interchangeable." He noted that the firm has many people who write models that also write code, and vice versa, and described the organizational structure as a "lattice that allows people to climb up in any direction they want."
The firm's promotion framework reflects this flexibility. Greenwood said Two Sigma's levels focus on an employee's "ability to do certain things rather than your ability to have delivered on certain projects." He also recounted that when he was hired, he was told: "if you get bored because you think the work you do isn't exciting, come talk to me, and we'll sort something out."
Preventing boredom appears to be a stated priority. Greenwood said "programs are incredibly fun to debug, humans are even more fun to debug," and described a guiding principle that problems can only be solved if they can be seen, so the fund creates as many problem-solving situations as possible for staff. One example is its 'hacker labs,' where, in Greenwood's words, "we build robots."
The article is a feature on Two Sigma's workplace culture and does not include financial performance or assets under management figures. Founder tensions are referenced in the context of the past year's reputational strain, and the publisher's related coverage describes the feud between co-founders John Overdeck and David Siegel as a continuing issue for the firm.
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