BlackRock Will Issue First Mass Layoffs
BlackRock plans to dismiss some 500 workers after losing $1.5 trillion in 2022.
The reduction, which represents less than 3% of the BlackRock workforce, occurs after one of the worst years for the stock market in history and similar layoffs in other industries.
The assets under management declined from $9.5 trillion in the third quarter of 2021 to $8.0 trillion in the third quarter of 2022.
“Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities..." BlackRock’s CEO Larry Fink and President Rob Kapito wrote to employees.
Now to find out where those employees go next...
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