Posted Jan 26, 2023, 6:39 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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You can see why he’s pushing for new headquarters…
https://fortune.com/2023/01/26/ken-g...office-return/
Ken Griffin credits Citadel’s historic $16 billion haul to one thing: Employees’ full-time return to office
The secret to Ken Griffin’s record-breaking year, if you ask him, is simple: Workers returned to the Citadel offices.
BY CHLOE BERGER
January 26, 2023
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Citadel CEO Ken Griffin could easily be considered the top dog in finance right now. The hedge fund saw a record $16 billion in profits for clients last year, beating the rest of the hedge fund industry.
That surpasses the $15 billion John Paulson generated betting against subprime mortgages in 2007. All together, the top 20 hedge funds generated $22.4 billion in post-fee profits, Citadel included.
The secret to Griffin’s success, if you ask him, is simple: Workers returned to the Citadel offices.
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Fortune CEO Alan Murray sat down with Griffin and New York City Mayor Eric Adams two weeks ago as part of an interview for the Partnership for New York City. “At that meeting, Griffin gave what he said was an important reason for his 2023 success: His employees were all back in the office full-time,” Murray wrote in his CEO Daily newsletter on Tuesday.
Many a suit nodded their heads in agreement, per Murray’s account. Of course, there could also be other reasons contributing to Citadel’s success. Chairman of LCH Investments Rick Sopher said in a statement that the strong gains multi-strategy hedge funds like Citadel have made in recent years “reflect their increasing dominance in strategies which do not depend on rising asset prices, and their substantial size.”
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”If you are early in your career, you are making a grave mistake not being back at work,” Griffin told Bloomberg’s Erik Schatzker in 2021. Citing the importance of managerial and interpersonal experience in developing one’s career, Griffin added that he was concerned that the loss of opportunities for young professionals would “cost us dearly over the decades to come.”
He brought the Citadel employees back to the office full-time in June 2021. “Having everybody back together has been really powerful in driving forward our business,” Griffin said at the time.
Return to office fever has infected many CEOs and executives in the financial sector. Morgan Stanley CEO James Gorman recently said coming into the office was “not an employee choice.” Goldman Sachs’ David Solomon was one of the initial finance CEOs to push for a return to office, as early as a full year ago, only to be met with opposition. Even today, not all employees are showing up. Rich Handler, CEO of investment bank Jefferies also joined the work-in-the-office team.
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