BlackRock has announced job cuts affecting less than one percent of its workforce as it reallocates its budget to prioritize crucial areas.
COO Rob Goldstein and Global Head of Human Resources Caroline Heller informed employees through a memo.
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The decision follows a recent business review and aims to ensure the firm’s continued investment in talent and its core operations.
Despite the staff reductions, BlackRock expects its overall headcount to be higher by the end of the year than at the beginning.
The investment company had approximately 19,800 employees at the end of 2022.
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This move comes after the firm’s announcement in January it would dismiss around 500 employees, equivalent to 2.5 percent of its global workforce.Â
The industry has been adapting to market volatility, inflation concerns, and rising interest rates.
Wellington Management recently cut approximately five percent of its staff.
This week, JPMorgan Chase reportedly slashed nearly 20 investment banking jobs in Asia in a fresh round of cuts.
