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New York Hedge Funds Win Job Cuts In Silicon Valley

Forbes – The technology companies of Silicon Valley tend to be pretty generous with their employees, offering nice pay packages and perks. And if you wanted a plush job in Silicon Valley in recent years, Juniper Networks was a good place to land. The networking equipment manufacturing company based in Sunnyvale, Calif., paid software engineers more than any other tech company, according to a survey. Juniper Networks paid more than Google, Apple or Facebook.

But the posh times at Juniper Network appear to be coming to an end and the reason can be found across the country in New York, where two cutthroat hedge funds have been demanding that things change at Juniper Networks. The company says it’s cutting 6% of its work force, bowing to pressure coming from Elliott Management and Jana Partners. Juniper said the majority of the cuts are immediate and a significant portion are middle management positions.

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