BlackRock to cut 3pc of its workforce in coming weeks

NEW YORK: BlackRock Inc, the largest fund manager in the world, plans to cut 500 jobs, or 3 per cent of its workforce, in coming weeks, according to a memo reviewed by Reuters on Thursday.
“We are always looking for ways to improve how we operate, to simplify our processes and structures, to prudently manage expenses, and to accelerate growth,” said BlackRock President Rob Kapito in the memo. “The changes we are making now will help us continue to invest in our most important strategic growth opportunities for the future.”
Kapito said the company wants to continue to invest “while key competitors will be playing defence” in areas including high-growth markets, technology and improving how the company works with clients. The company will also focus on key products, including exchange-traded funds (ETFs). He added that the company’s headcount will still be 4 per cent higher than a year ago after the layoffs. The job cuts are not concentrated in any one geographic region or unit, according to people familiar with the moves. — Reuters