BlackRock plans to cut 500 employees from its global workforce.
The world’s biggest asset manager is grappling with the fallout from last year’s market sell-off. The reduction would be the equivalent of about 2.5% of its total workforce of 20,000 people.
The headcount reductions were announced in an internal memo from chief executive Larry Fink and president Rob Kapito.
BlackRock’s move follows those taken by financial service sector giants, including Goldman Sachs, as well as staff “resizings” among property consultancies.
