BlackRock Inc. is planning its second round of job cuts this year after the world’s largest asset manager splurged on $28 billion of deals to wade deeper into private markets.
The firm is set to cut about 300 people months after a similar move at the start of the year, according to people with knowledge of the matter. The reductions this month will amount to a little over 1% of its workforce, with the investment firm counting about 22,600 employees at the end of March.
A BlackRock spokesperson declined to comment.
BlackRock, which manages about $11.6 trillion in client assets, has grown its workforce by 14% since the end of 2023, with many new employees coming from the $12.5 billion acquisition of Global Infrastructure Partners and data firm Preqin Ltd.
The company is also in the process of closing a deal for private credit manager HPS Investment Partners for $12 billion.
BlackRock’s move follows rounds of cuts across Wall Street in recent months, with Morgan Stanley cutting 2,000 jobs to keep a lid on costs. Goldman Sachs Group Inc. brought forward its annual round of job cuts and targeted 3% to 5% of staff, while Bank of America Corp. trimmed investment banking roles.
Image: AP
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