BlackRock is reportedly expected to make a significant announcement regarding a substantial downsizing of its workforce.
The impending layoffs, which account for about 3% of its global workforce, will result in approximately 600 employees leaving the company.
BlackRock to Implement Routine Layoffs
The layoffs are being internally described as routine, aligning with BlackRock’s previous practices. In 2023, the company underwent a similar trimming of its workforce based on employee performance metrics.
This decision comes after a period of substantial market recovery for BlackRock. The firm’s shares saw a notable increase of 6% in 2023, a significant rebound following a 21% decline in 2022.
BlackRock is also scheduled to announce its fourth-quarter earnings on Friday, with analysts projecting a 2.46% decline in earnings per share year-over-year.
The firm ended the third quarter of 2023 with $9 trillion in assets under management (AUM), a decrease from its peak of over $10 trillion in
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