According to Xinhua News Agency, global asset management giant BlackRock announced on the 9th that it will lay off 3% of its existing employees to adapt to a "rapidly changing environment.".
According to Reuters, based on the number of employees at BlackRock as of the end of December 2022, the number of layoffs this time is approximately 600. Layoffs are not targeted at any specific team.
BlackRock CEO Larry Fink and President Robert Capito told employees on the 9th that the company is adapting to a "rapidly changing environment", but the total number of employees will exceed the current number by the end of this year. BlackRock will continue to increase manpower and build capabilities in key growth areas.
In a research report released this week, Jeffrey Group analyst Daniel Fannon wrote, "The asset management industry continues to face revenue issues. Its cost structure is misaligned with the current growth prospects."
Over the past 12 months, BlackRock's stock price has risen by approximately 5%, lower than the S&P 500 index's approximately 22% increase.
According to data provided by Reuters, as of the third quarter of 2023, BlackRock's asset management scale reached $9.1 trillion. This figure was $9.4 trillion in the second quarter of the same year. Fink said in October last year that the company was looking for acquisition targets to boost performance growth.