Blackrock, the world’s largest asset manager, is planning to make job cuts in response to changes in the business. However, certain areas are expected to continue growing. The Blackrock management has announced layoffs in an internal memo, affecting around 600 employees or about 3% of the global workforce, as reported by news agency Bloomberg, citing a letter from Chief Executive Officer Larry Fink and President Rob Kapito.
In light of the rapid changes in asset management, the company intends to reorganize its resources. Despite the cuts, the company expects a higher headcount by the end of the current year as certain business areas are to be expanded.
“We see our industry changing faster than ever before since the founding of Blackrock,” the memo to employees reads. ETFs are to become the preferred instrument for both index and active investment strategies, and the company aims to continue growing globally – including in Europe and Asia. “And, perhaps most profoundly, new technologies are ready to change our industry – and every other industry.”
The company had already announced job cuts on a slightly smaller scale in January 2023. As of the end of the third quarter of 2023, Blackrock reported client assets totaling $9.1 trillion. The company will present its annual figures next Friday.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Larry Fink, Rob Kapito |
| Companies | Bloomberg, Blackrock |
| Currencies | united states dollar |
| Securities | None |
