The world’s biggest asset manager says “uncertainty” has made it more important than ever to stay ahead of changes in the market.
BlackRock plans to dismiss about 500 employees, roughly 2.5 per cent of its global workforce, after the world’s biggest asset manager grappled with sharp declines last year in equity and bond markets.
BlackRock chief executive Larry Fink sought to emphasise the firm’s ability to take in new client money.It is the first round of job cuts at New York-based BlackRock since 2019, and it will still leave headcount about 5 per cent higher than it was a year ago. The firm, which is set to report fourth-quarter results on Friday, had about 19,900 employees at the end of September.
, with plans to eliminate about 3200 positions this week, including from its core trading and banking units.P 500 tumbling 19 per cent last year.BlackRock, with $US7.96 trillion of assets under management at the end of the third quarter, did not specify which businesses would be most affected by the cuts. Mr Fink and Mr Kapito said in the memo that they would work to “manage expenses prudently” and invest in cost-effective ways.
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