BlackRock plans to lay off about 600 employees worldwide

NY. BlackRock Investment Fund, the largest asset manager in the world, plans to announce layoffs of 3% of its global workforce, about 600 people in total, in the coming days. This was reported by the Fox Business channel, citing sources familiar with the plans.

The company said it would be a “routine” round of layoffs, reminiscent of a similar decision the fund made early last year. adapt to the market situation.

Like many large financial companies, BlackRock has hired heavily recently, increasing its workforce by more than 20% over the past three years.

Shares of the company, which will report fourth-quarter results this Friday, They rose 6% in 2023 after falling more than 20% in 2022.

The fund is entering a “more mature” phase of its business after years of strong asset growth, Fox said.

Analysts expect the company to report lower revenue for the fourth quarter of 2023.

Shortly after 2:30 p.m. local time, BlackRock shares fell about 0.5% on the New York Stock Exchange.