BlackRock plans to lay off 600 people, or 3 per cent of its staff, to reallocate resources to faster-growing areas within the $9.1tn money manager including technology, exchange traded funds and private markets.
Chief executive Larry Fink and president Rob Kapito told employees in an all-staff memo on Tuesday that the company was adapting to a “rapidly changing environment” but that its total headcount would continue to grow from the current level of about 20,000.
“By the end of 2024, we expect to have a larger workforce as we continue adding people and building capabilities to support key areas of growth,” they wrote. “We need to be agile and efficient in how we serve our clients and how we manage our resources. We must leverage technology, and we must redeploy people and resources where the client needs are greatest and the opportunities for growth the most promising.”