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January 11, 2023 at 12:48 PM
BlackRock Inc. plans to dismiss about 500 employees, roughly 2.5% of its global workforce, after the world’s biggest asset manager grappled with sharp declines last year in equity and bond markets.
“The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients,” Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo seen by Bloomberg.
It’s the first round of job cuts at New York-based BlackRock 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.
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.
The firm, with $7.96 trillion of assets under management at the end of the third quarter, didn’t specify which businesses will be most affected by the job reductions.
