BlackRock to Cut 3% of Workforce Amid Industry Changes

Despite layoffs, the asset management giant expects a larger workforce by year-end as it adapts to technological shifts and focuses on growth areas.

BlackRock, the world's largest asset manager, is cutting 3% of its workforce, equating to approximately 600 jobs.
The firm cites significant changes in the asset management industry as the reason for the layoffs.
Despite the job cuts, BlackRock expects to have a larger workforce by the end of 2024 as it continues to grow in key areas.
BlackRock is also focusing on new technologies to increase efficiency and productivity, particularly in the area of exchange-traded funds (ETFs).
BlackRock's total assets under management dropped by 3.2% to $9.1 trillion in the third quarter of 2023, down from $9.4 trillion the quarter before.