BlackRock is not lagging behind others and is cutting staff too
2023.01.11 14:15
BlackRock is not lagging behind others and is cutting staff too
By Tiffany Smith
Budrigannews.com – (NYSE:) BlackRock Inc. As Wall Street continues to downsize in the face of high interest rates, which have raised the risk of a recession, Insider reported on Wednesday, citing a memo, that is cutting up to 500 jobs.
According to a filing with the United States Securities and Exchange Commission, the largest asset manager in the world had 19,900 employees as of September 30.
Goldman Sachs (NYSE:) earlier in the day Reuters was informed by a source who was familiar with the situation that staff layoffs had also begun as part of a massive effort to cut costs.
A month earlier, BlackRock Chief Financial Officer Gary Shedlin stated that the company was reducing expenses and freezing most hiring due to short-term performance issues.
According to estimates provided by Refinitiv, the company’s fourth-quarter profit is anticipated to decrease by 22.4% to $8.09 per share when it reports its results on Friday.
According to the report, BlackRock, which is based in New York, will inform employees on Wednesday whether they will be laid off, after its human resources department informed managers on Tuesday.
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