In addition, qiaoshui also delayed the start-up time of some new junior employees until next year. Because more employees work from home, the company no longer needs the same number of support staff, and new technology is changing the type of people needed to serve customers, Mr. Qiao said.
However, due to poor performance in the first half of this year, qiaoshui was questioned by the market. By the end of June, qiaoshuis assets under management dropped from US $168 billion at the beginning of the year to US $140 billion, a decrease of about RMB 200 billion. In the first half of the year, the flagship fund of qiaoshui, pure alpha, lost 13.6% of its profits in the past five years.
At the end of June, a report released by Johnson associates Inc., a compensation consulting firm, showed that Wall Street could cut bonuses by 20% to 15% this year and cut jobs sharply.
The bridge water fund laid off dozens of employees and pushed new employees to work until next year
Due to its outstanding achievements in the past and the popularity of the principles in China, qiaoshui is well-known in China. However, the bridge water fund has also begun to lay off staff recently.
According to the Wall Street Journal, Qiao Shui laid off dozens of employees this month, affecting the research department, customer service team and recruitment personnel, as well as the companys audit team responsible for evaluating department performance and its core management team.. Among them, the core management team is a management training program set up by ray Dalio, the founder of qiaoshui.
Because more employees work from home, the company no longer needs the same number of support staff, and new technology is changing the type of people needed to serve customers, Mr. Qiao said.
Although this will result in a higher than normal turnover rate this year, it will not be much higher than normal, and we will continue to invest and hire in key areas, leaving employees with generous severance payments and extended health insurance. Qiao Shui said in an email statement on Friday.
However, qiaoshui has been sued for compensation. Eileen Murray, a former co chief executive of the bridge water fund, sued the company on Friday, saying the company threatened to refuse to pay her deferred compensation because of her earlier public complaint of sexism.
It is understood that Murray left qiaoshui in April this year. She once disclosed that Qiao Shui gave her less severance pay than male employees of the same level. She said that this is the third time since 2017 that her salary return is lower than that of male colleagues at the same level.
In the first half of the year, the scale shrank by nearly 200 billion yuan
In the first half of this year, there was a rumor that bridge water burst in the market, which was later confirmed as a rumor. However, due to poor performance, bridge water this year has indeed been questioned by the market.
According to the Wall Street Journal, Bridgewaters flagship fund, pure alpha, lost 13.6% in the first half of the year, erasing gains over the past five years. In the first half of this year, American hedge funds lost an average of 3.49%, according to HFR data. Obviously, this achievement of bridge water is lower than the market average level.
Qiao Shui points out in the latest research report reflection in war speed, that the United States spent three years and seven months in the great depression, one year and six months in the 2008 financial crisis, and only one month in the current crisis. At the time of the pandemic, the stimulus from the Federal Reserve and the fiscal authorities was so rapid and so great that the stock market fell for only a month. Now, once again, stocks are at their pre crisis peak.
In other words, time is not the right concept. Today, the most important factor for investors is the causality sequence, which occurs so fast. The biggest causal driving factor is the degree and speed of policy response and its effectiveness.
On July 22, Qiao Shui Dario also published his latest long article. He looked at the economic war of great powers from the perspective of the dollar cycle. Taking nearly 500 years as an example, Dario revealed the life cycle of the alternation of different empires. It is never easy for any second power to replace the first power. Currency, politics, military, finance and so on are the core elements of change. Dario pointed out that the United States is still the most powerful empire, it is in a relative decline, Chinas power is rising rapidly, no other power can match it.
Dario believes that in this era, the greatest efficiency can be obtained by replacing human resources with technology. Therefore, the employment of human resources will become more and more unprofitable and inefficient, making enterprises lose competitiveness. Should we or shouldnt invest in people in an uneconomical way to make them productive? If our international competitors choose robots over humans, then if we choose to hire people over robots, we will not be competitive. Is our democratic / capitalist system capable of asking and answering these important questions and then doing something to deal with them?
More financial institutions may join the ranks of layoffs
As the worlds largest hedge fund, what is the signal of the layoff? Some industry insiders said that with the increasing impact of the epidemic on the U.S. economy and the performance is lower than expected, there may be more financial and financial institutions joining the ranks of layoffs on Wall Street.
According to Reuters, at the end of June, a report released by Johnson associates Inc., a compensation consulting firm, showed that Wall Street could cut bonuses by 20% to 15% this year and cut jobs sharply.
Layoffs are likely to become more common as many companies fail to meet their business and financial targets for 2020 to support more home-based workers, the report said. At the same time, this years bonus and salary of employees will be subject to strict review, including the salary of CEO of listed companies and its proportion to the salary of ordinary employees. Up to now, the financial industry has not seen significant layoffs, but production enterprises and retail industry have already seen large-scale layoffs. For example, at the end of June, Mercedes Benz announced another 10000 layoffs by the end of 2025, its old rival BMW announced 6000 layoffs, and Audi announced 9500 layoffs. In addition, Zara closed 1200 stores, Starbucks closed about 400 stores permanently, and Weimi declared bankruptcy. It is obvious that the epidemic has caused great impact on many enterprises. Ma Huateng has made a big purchase! The input method used by Chinese netizens has soared by 7 billion. The first share of gem registration system has come: are these new shares ready to be sold by meituan and hungry? Helmet fight: what does it mean behind the fierce modeling? Source: securities company, China responsible editor: Zhong Qiming_ NF5619
Up to now, the financial industry has not seen significant layoffs, but production enterprises and retail industry have already seen large-scale layoffs. For example, at the end of June, Mercedes Benz announced another 10000 layoffs by the end of 2025, its old rival BMW announced 6000 layoffs, and Audi announced 9500 layoffs.
In addition, Zara closed 1200 stores, Starbucks closed about 400 stores permanently, and Weimi declared bankruptcy. It is obvious that the epidemic has caused great impact on many enterprises.