BlackRock Inc., the world's largest asset manager, is cutting 3% of its global workforce. About 500 people will lose their jobs in the coming few weeks, according to a memo obtained by Bloomberg.
“Market uncertainty is growing, investor preferences are evolving and the ecosystem in which we operate is becoming increasingly complex,” Rob Kapito, BlackRock’s president, said in the memo. The firm is seeking to “move decisively to refocus our resources where the impact will be greatest” and to operate more efficiently, Kapito wrote.