BlackRock is cutting around 250 jobs, equivalent to about 1% of its global workforce, according to people familiar with the matter, as Wall Street firms move to rein in costs amid shifting business priorities.
The job reductions affect employees across the firm, including investment and sales teams, the sources said, declining to be named because the information is private. A BlackRock spokesperson said the decision forms part of regular internal reviews. “Improving BlackRock is a constant priority,” the spokesperson said. “Each year, we make decisions to ensure that our resources are aligned with our objectives and that we are well positioned to serve clients today and in the future.”
The latest cuts come as chief executive Larry Fink reshapes the world’s largest asset manager and expands further into alternative investments. Since completing its $12 billion acquisition of HPS Investment Partners in July, BlackRock has been integrating new leadership and preparing to launch additional funds targeted at wealthy retail investors.
BlackRock carried out two rounds of job cuts last year, each reducing headcount by about 1%, according to earlier reports. The firm is not alone in trimming staff. Citigroup is set to eliminate around 1,000 roles this week, while UBS Group is planning further job reductions as it continues to wind down systems inherited from Credit Suisse.
BlackRock is due to report fourth-quarter earnings on 15 January. At the end of September, the firm employed about 24,600 people and managed approximately $13.5 trillion in assets.
