Hedge funds are not immune to cutting staff. Their tendency to "stop" people who make losses above a tolerable level has long been documented, but that's not all. Like banks, they also have periodic culls of under-performers. It's just that the hedge fund culls seem a bit more aggressive. Get Morning Coffee ☕ in your inbox. Sign up here.Brevan Howard, for example, did some wild hiring last year, seemingly increasing its staff by 40% in a six-month period. Now it's trimming them back in what Bloomberg describes as an instance of a "twice year review."