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BlackRock to Cut 500 Jobs, 3% of Staff, Amid Market Turmoil

  • President Rob Kapito cites market uncertainty for move
  • Firm joins several asset managers who have trimmed jobs
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BlackRock is cutting three percent of its global workforce. Bloomberg’s Annie Massa reports.Source: Bloomberg)
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BlackRock Inc. is cutting 3 percent of its global workforce, the largest reduction in its headcount since 2016.

The world’s largest asset manager will dismiss about 500 employees in the weeks ahead, according to an internal memo viewed by Bloomberg News. The memo didn’t specify which businesses will be most affected.