The world's largest asset manager BlackRock Inc. is planning to let go of up to 500 employees, various media outlets reported on Wednesday citing an internal memo sent by CEO Larry Fink and President Rob Kapito. This would be the first cut in the workforce since the beginning of 2019 and amounts to approximately 3% of the whole staff.
The decision comes after the largest money manager struggled in 2022 due to issues arising in the equity and bond markets. "The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Fink and Kapito wrote. The company currently employs around 19,900 people.
