BlackRock Lays Off Several Hundred Employees, Reducing Workforce by Approximately 1%

BlackRock Announces Significant Workforce Reductions

BlackRock Inc. has initiated a substantial round of layoffs, joining other major Wall Street institutions in reducing staff numbers in recent weeks.

According to sources with knowledge of the situation, the company is letting go of approximately 1% of its global workforce—about 250 employees. The affected roles span various departments, including investment and sales teams.

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A spokesperson for BlackRock commented, "We are always striving to enhance our company. Each year, we evaluate our operations to ensure our resources are aligned with our strategic goals and that we are well-equipped to meet our clients’ needs now and in the future."

Strategic Shifts and Integration Efforts

These job reductions come as CEO Larry Fink continues to reshape the world’s largest asset management firm, with a particular focus on expanding into alternative investments. Following the $12 billion acquisition of private credit firm HPS Investment Partners in July, BlackRock has been working to integrate new leadership and is preparing to launch a suite of new funds aimed at affluent retail clients.

Last year, BlackRock implemented two separate rounds of layoffs, each affecting about 1% of its staff, as previously reported by Bloomberg.

Industry-Wide Cost Cutting

Other major financial institutions are also taking steps to reduce expenses and streamline operations. Citigroup Inc. is expected to cut around 1,000 jobs this week. UBS Group AG is planning a round of layoffs this month, with further reductions anticipated later in the year as it phases out systems acquired from Credit Suisse.

BlackRock is scheduled to release its fourth-quarter earnings on January 15. As of the end of September, the company employed roughly 24,600 people and managed assets totaling about $13.5 trillion.

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