Alternative investments giant Fortress Investment Group is getting a little smaller. The publicly-listed New York-based firm cut 11% of its staff in the fourth quarter.
According to Financial News, Fortress eliminated about 100 jobs in the last two months of 2008, brining its global workforce down to about 800. According to some sources, the axe fell particularly heavily on the firm’s overseas offices, with some losing a quarter of their staff.
The cuts come after almost two years of personnel growth for Fortress, which had added some 200 staffers from January 2007 until September 2008. The firm lost $57 million in the third quarter, and has been deluged with redemption requests totaling almost half of its assets.