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Less than two years after the Washington Post’s Slate Group launched The Big Money, they’ve announced the business/economy site is being shuttered, effective immediately.

Romenesko obtained the internal memo:

The problem, in a nutshell, is that the site is not pointed toward profitability on a fast enough timetable. We’ve struggled to grow the site’s traffic to carry enough ad inventory to run a profitable business.

The bosses, Jacob Weisberg and John Alderman also write, “Our timing also could have been better. TBM launched the week of the Lehman Brothers collapse in September 2008, and its existence has coincided with a deep trough in advertising market for business-oriented publications.”

MediaJobsDaily reports on what’s next for the staff.