BlackRock plans to cut about 400 jobs in what may be the biggest round of layoffs to date at the world’s largest money manager, according to people with knowledge of the matter.
Bloomberg News reports that the reductions, equal to about 3% of the firm’s 13,000 employees, will be announced in the coming weeks, said the people, who asked not to be identified because they weren’t authorized to speak. Despite the cuts, the firm will continue to invest and hire in key areas and expects to end the year with a higher headcount, according to one person.
Farrell Denby, a company spokesman, declined to comment. In a memo to employees, BlackRock said the job cuts have not yet been finalized and that those affected by the changes will be treated fairly and with respect.
“Being a global leader requires that we continually re-assess our organization to look for ways to serve clients better, operate more efficiently, focus resources on strategic priorities and create new opportunities for our strongest employees,” the firm said in the memo from President Rob Kapito and Chief Operating Officer Rob Goldstein.
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