BlackRock, the world’s largest asset manager has joined the list of banks to lay off workers after firing nearly 500 staff as reported by Bloomberg on Wednesday.
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Global Banking Industry Lay off Continues
As massive layoff continues in businesses, BlackRock, the world’s leading asset manager has joined the list of firms that lay off staff purposely to cut costs as global recession looms.
According to a report by Bloomberg, Black Rock will cut its current staff numbers by 2.5% or 500 workers ahead of the expected recession in 2023.
“The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients,” Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo.
Blackrock boasts more than 19,500 employees globally and manages assets worth nearly $8 trillion, the recent move is to prepare against the predicted report of poor earnings by the company starting this week.
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