Ray Dalio's Bridgewater Associates to layoff 8 per cent employees

Ace investor Ray Dalio's Bridgewater Associates is planning to lay off 8 per cent of its workforce in the coming few weeks.

In an interview with Bloomberg News, the popular investment management company's CEO Nir Bar Dea said that the firm would be going through an overhaul after Ray Dalio announced his retirement in October last year and this included parting away with 8 per cent of its workforce.

Bridgewater Associates employs 1,300 people, which means 8 per cent of employees would account for around 100 people.

The CEO also spoke of plans of investing in Artificial Intelligence (AI) and restructuring its existing resources. He also sent a memo to employees and stakeholders in which he justified this move.

“Our reality now is that we are simultaneously in an exciting time given the opportunities ahead, and a painful one as we need to part ways with great teammates who have been on the journey with us,” the CEO's note to stakeholders read.

Ray Dalio announced in October 2022 that he plans on retiring and stepping down from the position of Chief Investment Officer of Bridgewater Associates. Nir Bar Dea has since assumed command of the investment management company.