BlackRock plans to dismiss some 500 workers as the asset management company seeks to contend with heavy losses.
The company’s assets under management declined from $9.5 trillion in the third quarter of 2021 to $8.0 trillion in the third quarter of 2022, according to the firm’s most recent earnings report. The reduction in headcount, which represents less than 3% of the BlackRock workforce, occurs after one of the worst years for the stock market in history and similar layoffs in other industries.
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