Top Asset Manager BlackRock Bows Down To Macro Uncertainties; Lets Go Of 500 Employees

January 12, 2023 7:35 AM | 1 min read | Make a Comment

Leading asset manager BlackRock, Inc BLK downsized its workforce affecting 500 employees or less than 3% of its employee strength.
BlackRock restructured its teams after 2022's dramatic market when U.S. stocks scaled record lows since 2008, Reuters reports.
BlackRock had 19,900 employees as of September 30.
Goldman Sachs Group, Inc GS took a similar step in a sweeping cost-cutting drive.
BlackRock CFO Gary Shedlin had shared its plans of freezing most hiring and reducing expenses due to short-term performance challenges.
BlackRock will likely post a 22.4% drop in fourth-quarter profit to $8.09 per share, the report added, when it reports results on Friday.
Also Read: Amazon's Hardware Staff First To Face Brunt Of Downsizing
Price Action: BLK shares closed lower by 0.18% at $755.92 on Wednesday.

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