BlackRock Inc. is cutting 3 percent 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.
Asset managers are under pressure as volatility roils markets and investors have piled into funds with low fees. 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 ranks by 15 percent starting Wednesday, Bloomberg reported.