Passport Cuts 14 Jobs

Mar 21 2012 | 1:43pm ET

Hedge fund Passport Capital has slimmed down in the wake of last year's double-digit loss.

The San Francisco-based firm has laid off 14 employees, including seven staffers, it said. The job cuts came over the past week.

Passport lost 18% last year. Following the layoffs, it employs 76 people, including 34 investment staffers.

"We made the difficult decision to do some downsizing of staff last week, reducing to approximately the headcount we had at the beginning of 2011," the firm said in a statement.

The firings were first reported by Bloomberg News.

The smaller Passport is up 3.7% this year, through February.

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