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Finance Giant BlackRock Announces Layoffs

Yahoo Finance

BlackRock (BLK), the world’s largest asset manager, will lay off about 500 employees — or roughly 3% of its workforce — according to an internal email seen by Yahoo Finance.

The investment giant joins a growing number of Wall Street firms trimming their headcount after last year’s market rout and as Corporate America ramps up hiring freezes and job cuts.

“This week, after meaningful headcount growth in recent years, we are making some changes to the size and shape of our workforce,” CEO Larry Fink and BlackRock president Rob Kapito said in a memo sent to staff on Wednesday. “As a result of these steps, about 500 (or less than 3%) of our colleagues will be leaving BlackRock as we reallocate resources to our most critical growth opportunities.”

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