'Market uncertainty is growing'.
Bloomberg News reports that BlackRock is cutting 3% of its global workforce, the largest reduction in its headcount since 2016.
The company 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.
“Market uncertainty is growing, investor preferences are evolving and the ecosystem in which we operate is becoming increasingly complex,” Rob Kapito, BlackRock’s president, said in the memo.
The firm is seeking to “move decisively to refocus our resources where the impact will be greatest” and to operate more efficiently, Kapito wrote. BlackRock had about 14,900 employees as of September.
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