John Paulson’s high-profile hedge fund laid off employees Thursday, including senior level traders, according to a report from the New York Post.
The layoffs included partners Victor Flores and Allen Puwalski, as well as Keith Hannan, head of trading and Brad Rosenberg, head credit trader.
The firm told the Post that it is “right-sizing the firm to focus on our core expertise on areas that are growing.”
Paulson and Co surpassed competitors during the financial crisis due to his bet against subprime mortgages using a kind of insurance called credit default swaps. Estimates are that Paulson made between $12.5 billion and $15 billion in 2007 alone.
The once-industry leader has experienced a sharp drop in performance from its peak, with one of his funds recently losing 70 percent and causing assets under management to plunge from a peak of $38 billion in 2011, with much of the remaining cash Paulson’s own money.
Paulson and Co did not immediately return a call for comment on the report.
