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BlackRock, the global asset management giant, revealed plans to trim around 3% of its workforce, approximately 600 positions, as part of a strategic repositioning.
However, the firm anticipates overall headcount growth by the close of 2024 despite the current downsizing measures.
The planned job cuts are not targeting any specific department or team within BlackRock, as confirmed by a source within the company.
This move comes amidst a 5% increase in the asset manager’s shares over the past year, trailing behind the S&P 500’s robust 22% gain during the same period.
In October, BlackRock’s Chief Executive, Larry Fink, indicated the firm’s intent to explore potential acquisitions to bolster its growth trajectory.
Despite a slight dip in assets under management from $9.4 trillion in the second quarter of 2023 to $9.1 trillion in the third quarter, Fink highlighted clients experiencing real returns in cash, influencing a cautious approach to market re-engagement.
Fink’s statement noted a unique shift, marking the first time in nearly two decades that clients are witnessing tangible returns in cash, influencing a more reserved investment stance, which consequently affected the firm’s third-quarter flows and industry performance.
BlackRock is poised to disclose its fourth-quarter results on Friday.
However, amid the announcement of the workforce reduction, the company’s shares experienced a 0.5% decline in afternoon trading on Tuesday.
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