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World’s largest asset manager BlackRock announces up to 500 job cuts

By Nagasunder in UK Employment news, posted January 13, 2023

BlackRock, the largest asset manager in the world, has told staff it will carry out job cuts, with up to 500 positions at risk.

The announcement was made in a document seen by Insider and Bloomberg, and comes as Wall Street continues to cut jobs in response to high-interest rates that have increased the possibility of a recession.

The 500 unfilled positions represent about 2.5 percent of all the employees.

It is not known whether any cuts will be made in the UK.

In the memo, the management made no mention of which areas of the business would experience the most job losses.

BlackRock's chief executive and president Larry Fink wrote: "The uncertainty around us makes it more vital than ever that we keep ahead of changes in the market and focus on delivering for our clients.

In December, a BlackRock executive predicted that this year will be uncertain on Sky News.

Nigel Bolton, BlackRock's co-chief equity investment officer, said: "It's going to be a volatile year again I'm afraid."

While prices have increased, the global economy has slowed and is preparing for a recession, and higher interest rates that central banks imposed in an effort to reduce inflation have made borrowing more expensive.

BlackRock has been hit by market declines.

BlackRock's own stock fell 23 percent in 2022, the worst year for stock markets since 2008.

The company is the most recent in a line of influential Wall Street and City companies to announce staff reductions.

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The largest restructuring at Goldman Sachs since the global financial meltdown will result in up to 3,200 job losses.

Additionally, it has been claimed that Morgan Stanley will lose around 1,600 positions or two percent of its workforce.

Source: Sky News

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