BlackRock plans to cut 3% of global workforce - reports

Entering a more ‘mature’ business phase

BlackRock is reportedly preparing to announce plans in the coming days to lay off roughly 3% of the asset management giant’s global workforce.

According to a report by Fox Business, which cites a source familiar to the matter, the job cuts of around 600 employees are being described internally as routine, following a similar round of layoffs based on employee performance metrics last year.  The broadcaster said one potential reason behind the job cuts could be attributed to BlackRock experiencing a shift from a period of rapid asset under management growth to a more stable and mature phase in its business. People close to BlackRock told Fox Business that savings from the layoffs will be used to expand into growth businesses ...