BlackRock to reduce global headcount by 3%, reports say

Money manager BlackRock is poised for a major round of job cuts, according to media reports on Thursday.

The Wall Street Journal reported that the world’s largest money manager would shed around 400 jobs, or nearly 3% of its global workforce, with an announcement expected over the coming weeks.

Separately, newswire Bloomberg also carried similar figures citing sources close to the matter. However, BlackRock, which employs 13,000 people globally and manages around $4.6trn in assets, declined comment.

A subsequent internal memo from BlackRock president Rob Kapito and chief operating officer Rob Goldstein said the job cuts were far from being finalised.