BlackRock Inc. said it is cutting staff after shifting its budget to support critical priorities in a move that will affect less than 1% of staff, the firm said Thursday.
In a memo to staff, Chief Operating Officer Rob Goldstein and Global Head of Human Resources Caroline Heller said the decision followed a recent business review.
“Even with these changes, our headcount will be higher at the end of the year compared to the start of the year as we continue to invest in our talent and our business,” they wrote.
BlackRock had approximately 19,800 employees at the end of last year. The firm said in January that it would dismiss 500 employees, or roughly 2.5% of its global workforce, in its first pullback since 2019.
Last month, Wellington Management cut about 5% of its staff, as the industry adjusted to volatile markets and grappled with inflation and rising interest rates.
This article was provided by Bloomberg News.