Bridgewater Associates, the hedge fund founded by billionaire Ray Dalio, will slash jobs as part of a firm-wide restructuring to expand its international footprint and develop AI technologies, the company said Wednesday.
The job cuts are expected to affect about 100 employees from the hedge fund’s total workforce of roughly 1,300, according to a Bloomberg News report citing an interview with the firm’s co-CEO.
“To pursue this path, going on offense while also managing constraints requires us to cut costs, free up resources and restructure,” Bridgewater said.
Several financial firms have cut jobs in recent months, including major Wall Street banks and asset managers, amid a turbulent macroeconomic environment and decades-high inflation that have together crimped profits and pushed up expenses.
Bridgewater did not immediately respond to a Reuters request for additional comment on the number of affected jobs.
Dalio, who built Bridgewater Associates into one of the world’s biggest hedge funds, handed over control of the $150 billion firm last October.