• BlackRock, World's Largest Asset Manager, to Cut 500 Jobs Globally

    10 days ago - By Fortune

    BlackRock Inc. is cutting 3 percent of its global workforce, the largest reduction in its headcount since 2016.
    The world's largest asset manager will dismiss about 500 employees in the weeks ahead, according to an internal memo viewed by Bloomberg News. The memo didn't specify which businesses will be most affected.
    Asset managers are under pressure as volatility roils markets and investors pile into low fee funds. The industry is also deploying technology across its businesses to reduce costs. State Street Corp. , the giant custody bank and asset manager, trimmed its senior management...
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  • BlackRock is cutting 500 jobs in what could be the firm's biggest round of layoffs yet

    BlackRock is cutting 500 jobs in what could be the firm's biggest round of layoffs yet

    10 days ago - By Business Insider

    BlackRock is cutting 500 staff globally in an effort to streamline its business, according to a memo obtained by Business Insider.
    The world's largest asset manager, which employs about 15,000 people worldwide, will redeploy the savings into four areas: investments, which includes retirement, illiquid alternatives and exchange-traded funds; technology; portfolio construction; and international distribution.
    The layoffs come a day after State Street started senior-level cuts and after BlackRock announced a major promotion , signaling an 'heir apparent' to chief executive officer Larry...
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  • BlackRock to cut 3 percent of its workforce in coming weeks: memo

    10 days ago - By Reuters

    BlackRock Inc plans to cut 500 jobs, or 3 percent of its workforce, in coming weeks, according to a memo reviewed by Reuters on Thursday.
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