BlackRock to Cut 600 Jobs, Representing 3% of Its Workforce

BlackRock plans to reduce its workforce by approximately 3%, around 600 jobs. The world's largest asset manager gave with no specific team targeted for these cuts, despite anticipating a larger workforce by the end of 2024. Despite underperforming against the S&P 500 with only a 5% increase in share price over the last year, CEO Larry Fink has indicated potential acquisitions to boost growth. The company's assets under management decreased from $9.4 trillion to $9.1 trillion in the third quarter of 2023.