Bridgewater Associates has laid off several dozen employees across the company this month, an unusually large cut at the world’s largest hedge-fund firm.

The layoffs affected Bridgewater’s research department and client-services team as well as among its recruiters. The cuts also affected the firm’s “audit groups” that assess the performance of employees in various departments, and its “core management team”— a management training programme conceived by founder Ray Dalio. Bridgewater veterans of more than 15 years were among those laid off in Zoom meetings and given several days’ notice.