Billionaire Paul Tudor Jones is laying off about 15% of staff at his legendary hedge fund, according to a Bloomberg report.
The job cuts are a result of investment losses and investor redemptions from the $11 billion hedge fund, according to Bloomberg’s Saijel Kishan.
The affected staffers include investment managers and support staff, Bloomberg reported.
“Amid a changing operating environment, we have made strategic adjustments to our firm’s staffing,” the firm said in a statement to Bloomberg.
“These difficult changes were made after conducting a deep and broad review of our business and are meant to optimally size the firm for future success. We are committed to treating our departing employees with care and support and appreciate their many contributions to Tudor.”
Patrick Clifford, a spokesman for Tudor at external PR firm Abernathy Macgregor, did not immediately respond to Business Insider’s request for comment.
Tudor has previously lost talent. For instance, last month, the firm’s director of global interest rate research, Tiffany Wilding, moved to PIMCO.