BlackRock is cutting 500 jobs as Wall Street layoffs continue

New York

BlackRock, the world’s largest asset manager, is cutting about 500 jobs after a period of rapid hiring.

A BlackRock spokesperson told CNN on Wednesday that layoffs accounted for less than 3% of the company’s workforce.

Wall Street leader BlackRock (BLK) has had a massive hiring drive in recent years.

The company has not made any major layoffs since 2019 and has increased its headcount by approximately 22% over the past three years, a BlackRock spokesperson told MarketWatch, adding that the layoffs “face an unprecedented market environment. We do,” he added.

News of the layoffs was first reported by Business Insider.

BlackRock is the latest major and Wall Street company to cut jobs.

Earlier this week, a person familiar with the matter told CNN that Goldman Sachs plans to cut up to 5,200 jobs amid global dealmaking slump and economic uncertainty.

Amazon announced last week that it will lay off about 18,000 employees. The tech company Salesforce, run by billionaire Marc Benioff, also announced last week that it would cut about 10% of its roughly 73,000 employees.

Last year was the second fastest growing year in US history.

But more and more companies are revealing plans to lay off workers.

Led by tech and media companies, employers announced 43,651 job cuts in December, up 129% from the same period in 2021, according to outplacement firm Challenger Gray & Christmas.

Despite rising layoffs, many other companies appear reluctant to cut jobs amid ongoing worker shortages. Last week, the Labor Department said initial unemployment claims fell unexpectedly to a three-month low.

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