BlackRock Streamlines Workforce by Reducing Global Staff by 3% due to Evolving Industry
BlackRock, the world's largest asset manager, is streamlining its workforce in response to industry changes About 600 employees will be laid off as the company strategically reallocates resources to adapt to evolving technology in the financial sector
BlackRock, the largest asset manager globally, is set to reduce its workforce by around 600 employees in response to technological changes in the financial industry.
In an internal memo reviewed by CNN, CEO Larry Fink and President Rob Kapito stated, "We see our industry changing faster than at any time since the founding of BlackRock. As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources."
The company, based in New York, stated that despite the job cuts, they anticipate having more employees by the end of the year. "We plan to increase our workforce as we continue to hire and develop skills to support our growing areas," the memo explained.
In afternoon trading, the company's shares fell by approximately 0.6% ahead of its fourth-quarter earnings report on Friday.
This story is developing and will be updated.
