Cohen Scrutinizes Culture at Point72 After Haynes’s Departure
- Haynes left after a lawsuit was filed alleging discrimination
- Cohen had ordered up an independent review of firm’s culture
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Four years ago, billionaire Steve Cohen turned to former McKinsey & Co. consultant Doug Haynes to clean up a firm that had just pleaded guilty to securities fraud and paid a record fine. On Friday, Haynes resigned from the hedge fund, leaving in his wake another set of problems.
Under Haynes, Point72 Asset Management beefed up oversight, adding a 50-person compliance team housed on the trading floor that monitors emails and phone calls. He set up a program to hire young people out of school and train them in money management. He prepped the firm to raise billions of dollars once a two-year ban to manage outside capital was lifted at the beginning of the year.