Discussion in 'Prop Firms' started by Pumpanddump, Jul 2, 2003.

  1. Without acting like a bunch of fools and I'm not looking for bashing, can anyone give us the real story on what is goin on at Worldco at the moment in the Wall Street office.
    Why have they changed around floor to floor in the building??
    What is the real story about this supposed layoff of approx
    50-80 traders a few months back?
    What is the story about supposed AON trades?

    It would give a chance for people there to really give Worldco a fair shake if all this stuff that is posted on here is just an exageration.

    This board should be a means for an open discussion about the FACTS about what is really going on so that people can make informed decisions on REAL information.

    So, lets try to make this a constructive thread and get to the facts and truths even if it means making Worldco look good. It seems like some of you only want to make Worldco look bad, but lets look at all angles if possible. It is only fair.

    What's the REAL DEAL??????????????

    Lets open a constucutive criticism thread for once.
  2. I traded at Worldco for about a year and left in January so my info may not be the most up to date but...

    It seems the biggest change is that Worldco will no longer carry unprofitable traders. A profitable trader is defined, as far as I can tell, as one who generates monthly commissions equal to $2,000 plus enough to cover gross losses.

    I don't know about recent cuts but I do know that they cut somewhere in the neighborhood of 300 in January and have gone from about 800 to under 400 traders since the beginning of the year. I also know at least one whole team of traders that jumped ship for a better deal at a rival firm.

    Don't know about the AON question. On the whole I think I was treated fairly at Worldco but there are better firms with better software and payout deals (as of 1/2003, at least).
  3. I work at Worldco. I'll try to answer:

    >>Why have they changed around floor to floor in the building??

    Worldco, in the past year or so, leased two full sized floors in 100 Wall street to centralize most of their traders. These floors have no walls and are completely wide open. Before this, all Worldco traders were spread across 6 smaller floors in 110 Wall street, some of which were office-room type settings. It's not a matter of cost savings, because I believe the rent in 100 wall is much higher than 110 wall.

    >>What is the real story about this supposed layoff of approx
    50-80 traders a few months back?

    This is true. They gave the axe to a lot of traders. Bad market means smaller profits. They had to let go the guys who were consistently unprofitable. All the guys I knew that were cut were gross negative and didn't show any sign of potential. All the gross positive traders were kept to my knowledge (even if they were net negative). However, this just didnt happen at Worldco. Almost all the prop firms made cuts earlier this year. I had a friend at Heartland who was cut, and he was actually making money!

    >>What is the story about supposed AON trades?

    What about it? I haven't heard of stories regarding AON trades.

    Just posting the facts. I'm not here to promote nor bash the firm.
  4. Casey30


    In regards to the office space issue;

    Worldco had lofty goals of expanding to 5000+ traders. Unfortunately the market did not cooperate and they were caught with too much space, too many losing traders, and not enough big traders(because they have been defecting over the past two years to other firms). So they slashed adminstative staff, fired many of the losing traders, and consolidated space.

    Worldco used to take anyone who could see, type, and pass the series 7 and 55. Hell, they used to give traders w/o capital a year to get positive. About a year ago they were giving traders six months to get positive. It just got to the point where they couldn't do that anymore.

    Worldco has such a bad reputation among the best prop traders that they really don't have a chance in most cases in recruiting them. They don't even have the best fees anymore since there overhead had gotten out of control.

    I don't mean to totally rip Worldco, they did give a lot of people a shot to trade 2-3 years ago, but they also ripped people off as much as they could.
  5. sooooooooo true
  6. still bitter at this firm, are we?


    damn, you must have lost your life savings to have such an axe to grind.

    everyone, check out this person's archived posts...they are ALL about ripping worldco.

    OVERtheLINE, doesn't it suck to know that there are lots of guys making GOOD MONEY at worldco..and that you were never one of them???




    Why do you care so much about what OTL writes on this board?
  8. Starting with the Block Trading ,I visited many trading companies whether for interview or just for reconnaissance. Out of all the experiences the worst I had at Worldco, I went there two times met with different people and did not like everything, the office at 100 Wall Street the guy who interviewed me first time and the other guy who I met second time. I had a strong feeling that something is not right, I did not know much about trading at that time and only after a year I spent with Bright I understood how lucky I was that did not join Worldco. Now I am trading with some other company but I still remember how "nice" people from Block Trading bullshitted me up to my ears as well as a "friendly" guy from Worldco who told me fairy tails not looking into my eyes.
    At the same time I believe that there are people for whom Worldco was good.
    I am telling just about my experience.

    New traders do you your home work before you join any firm.