BlackRock Inc. (NASDAQ: BLK) plans to dismiss about 500 employees, this reduction will amount to about 3% of its global workforce. It’s the first round of job cuts at the New York-based company since 2019, and it will still leave headcount about 5% higher than it was a year ago. The firm, which is set to report fourth-quarter results on Friday, had approximately 19,900 employees at the end of September.
Since 2013, a big round of layoffs has come to BlackRock employees every three years.This upcoming round of cuts will be the largest since 2016, and comes after the world’s biggest asset manager grappled with sharp declines last year in equity and bond markets.
Surging inflation and rising interest rates have buffeted asset managers and markets, with the S&P 500 tumbling 19% last year. Shares of BlackRock slumped 23% in 2022.
It’s not yet known which of its businesses will be most affected. The industry is also deploying technology across its businesses to reduce costs