BlackRock Plans to Cut About 400 Jobs in Coming Weeks
- Reductions may be biggest in the money manager's history
- BlackRock said to continue hiring, investing in growth areas
BlackRock Said to Plan Cutting About 400 Jobs
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BlackRock Inc. plans to cut about 400 jobs in what may be the biggest round of layoffs to date at the world’s largest money manager, according to people with knowledge of the matter.
The reductions, equal to about 3 percent of the firm’s 13,000 employees, will be announced in the coming weeks, said the people, who asked not to be identified because they weren’t authorized to speak. Despite the cuts, the firm will continue to invest and hire in key areas and expects to end the year with a higher headcount, according to one person.