BlackRock, an American multinational investment firm, will cut a portion of its global workforce, joining a growing list of major Wall Street firms reducing
staff in recent weeks. The investment giant is letting go of roughly 1 per cent of its employees, equivalent to around 250 positions, Bloomberg reported, citing people familiar with the matter. Affected roles include members of the investment and sales teams. “Improving BlackRock is a constant priority. 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,” a company spokesperson told Bloomberg. CEO Larry Fink Drives Organisational Change The layoffs are part of CEO Larry Fink’s broader effort to transform the company and increase its presence in alternative investments. Following its $12 billion acquisition of private credit firm HPS Investment Partners in July, BlackRock has been integrating new staff and preparing to roll out additional investment products aimed at wealthy individuals, Bloomberg noted in the report. A Pattern Of Workforce Adjustments This is not the first time BlackRock has trimmed its workforce. Last year, the firm carried out two rounds of layoffs, each reducing its headcount by about 1 per cent. The company continues to make calculated decisions to align staffing levels with business priorities rather than focusing solely on cost-cutting. Industry-Wide Staffing Reductions BlackRock’s move reflects a broader trend in finance and tech. Citigroup Inc. is expected to lay off roughly 1,000 employees this week, while UBS Group AG plans multiple rounds of cuts as it phases out Credit Suisse’s legacy systems. On the tech side, Meta will reduce about 10 per cent of its Reality Labs division workforce, shifting investment toward AI-powered products instead of certain virtual reality projects. BlackRock is scheduled to release its fourth-quarter earnings on January 15. At the end of September, the company employed approximately 24,600 people and managed assets totalling about $13.5 trillion, as per the Bloomberg report.
