BlackRock plans to lay off about 600 employees worldwide

NY. Investment fund BlackRock, the world’s largest asset manager, It plans to announce layoffs in the coming days, up to 3% of its global workforce, a total of about 600 workers. According to Fox Business Channel, which cited sources familiar with the plans.

According to the company, this will be a “regular” round of layoffs, and resembles a similar decision taken by the fund early last year. To adapt to market conditions.

Like many large financial companies, BlackRock has made a large number of hires in recent times, increasing its headcount by more than 20% over the past three years.

Shares of the company, which will announce its fourth quarter results this Friday. They increased by 6% in 2023 after falling by more than 20% in 2022.

According to Fox, after years of strong asset growth, the fund is entering a “more mature” phase of its business.

Analysts expect the company to report a decline in revenue in the fourth quarter of 2023.

Shortly after 2:30 pm local time, BlackRock shares were down about 0.5% on the New York Stock Exchange.