19.8 C
Wednesday, June 7, 2023
HomeBlackRock To Lay Off About 500 Employees

BlackRock To Lay Off About 500 Employees


Related stories

DRC Eyes Peru’s Position As Second-Largest Copper Producer

Via AG Metal Miner There’s a new kid on the block in copper production. Media reports say the Democratic Republic of Congo (DRC) continues to put up a tough fight against Peru, the world’s second-biggest copper producer. If the latter does not square u...

Cheese Pizza? Meta’s Instagram Facilitated Massive Pedophile Network

Cheese Pizza? Meta's Instagram Facilitated Massive Pedophile Network A comprehensive investigation by the Wall Street Journal and the Stanford Internet Observatory reveals that Meta-owned Instagram has been home to an organized and massive...

What’s the Status of Plans to Export Russian Gas to Uzbekistan?

Moscow’s needs are more immediate, giving Tashkent time and space to negotiate. 

Landlords Face A $1.5 Trillion Bill For Interest-Only Commercial Mortgages

Landlords Face A $1.5 Trillion Bill For Interest-Only Commercial Mortgages Authored by Mike Shedlock via MishTalk.com, Interest-only loans as a share of new commercial mortgage-backed securities issuance increased to 88% in 2021, up from ...

Martha Stewart Sounds off Against Work from Home

Newly minted Sports Illustrated Cover Girl and business titan Martha Stewart is sounding the alarm about the ever-growing work from […] The post Martha Stewart Sounds off Against Work from Home appeared first on Valuetainment.
BlackRock To Lay Off About 500 Employees

BlackRock is the latest Wall Street firm feeling the heat of an ugly 2022 and a significantly slower pace of dealmaking heading into 2023. As a result the firm, like many Wall Street firms we have reported on over the last few months, is reducing its headcount.

The world's largest asset manager is going to be reducing its workforce by about 500 jobs, CNN reported on Wednesday. The move comes following a "hiring spree" that the company undertook in recent years. It hasn't made major layoffs since 2019, the report notes. 

CEO Larry Fink and BlackRock president Rob Kapito said in a memo out this week: "This week, after meaningful headcount growth in recent years, we are making some changes to the size and shape of our workforce. As a result of these steps, about 500 (or less than 3%) of our colleagues will be leaving BlackRock as we reallocate resources to our most critical growth opportunities."

The company grew its workforce by about 8% in 2022, Yahoo Finance noted. Headcount is still expected to remain 5% higher than one year ago, even after the layoffs, the same report says. 

A spokesperson for the firm said the cuts were due to the “unprecedented market environment.” As we move past the holidays and well into the first month of 2023, job cuts and bonus cuts on Wall Street continue to pour in. Just yesterday, for example, we noted that Credit Suisse would be cutting up to 50% of its bonus pool. 

Credit Suisse and Blackrock join a number of other Wall Street banks who laid off employees, cut bonuses or both after a torrid 2022. Goldman Sachs, for example, is set to lay off up to 4,000 employees, we noted last month. The bank was also "considering shrinking the bonus pool for its more than 3,000 investment bankers by at least 40 per cent this year".

Also in mid-December, we wrote that Ernst and Young would be cutting its bonuses entirely. The company held an "all hands" meeting two weeks ago where it delivered the news to its employees. The company is in the midst of splitting its audit business from a tax and advisory business heading into 2023. 

Morgan Stanley's Asia banker bonuses were also at risk by as much as 50%, we wrote days before that. In December, we also noted that Jefferies was considering slashing bonuses. 

Tyler Durden Thu, 01/12/2023 - 11:40


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here