Citadel cuts employees after losses: Report

Founder and CEO of Citadel,  Kenneth C. Griffin
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Founder and CEO of Citadel, Kenneth C. Griffin

Citadel is trimming its investment division following the firm's losses in the early part of 2016.

CNBC has confirmed that Citadel has cut more than a dozen employees from Surveyor Capital, one of the firm's divisions, as The Wall Street Journal first reported.

A person familiar with the situation confirmed to CNBC that Citadel's flagship Kensington Wellington fund has fallen 6.5 percent year-to-date as of Feb. 12.

Surveyor Capital, a global equity division of Citadel, had roughly 200 employees before this report.

Citadel was ranked as one of the top five hedge funds of 2015 by Institutional Investor. The firm's main equities fund was up 17.2 percent in 2015, according to one investor.

Hedge funds as a group had a tough 2015, posting their worst year since 2011, according to investment research firm Eurekahedge.

Read the original report in The Wall Street Journal.