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BlackRock is cutting up to 500 staffers, or a little under 3% of its workforce worldwide. The asset management firm's revenue fell 15% year over year in the first nine months of 2022, Insider reports, as dealmaking slowed and the market took a dive. Assets under management also fell by $1.5 trillion during that period. CEO Larry Fink wrote in a memo the move aims to "adapt our workforce to align even more closely with our strategic priorities." The layoffs are similar in scope to the company's last round of cuts in 2019.
- Goldman Sachs began its latest round of layoffs on Wednesday. About 3,200 employees will be impacted this week.
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Madison Corbett
Recruiting Coordinator || Communication, Consideration, Respect
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See Also10 Recession-Proof Job Fields for All Skill LevelsI'm Microsoft's former VP of HR. Here are the 3 types of employees most at risk during layoffs — and the 2 that are safest.Apple is the only US tech giant to have avoided significant layoffs. Will it last? | CNN BusinessWho are at risk during layoffs, who are safe? Former Microsoft VP of HR repliesMy partner received a call this morning that his was one of the teams dissolved at Goldman Sachs. He had just gotten off the phone with a client, only for a boss multiple levels up to be calling him.“Hey we haven’t really talked before and this isn’t how I’d like for us to meet, but we’re dissolving your role.” Followed by the details of his severance and notification that his access was already revoked.It’s wild out here, man.Corporate loyalty will never reciprocate the individual. They’re money makers. Even Salesforce let go of their “ohana”.Lilo and Stitch would be so disappointed. #business #salesforce #banking #layoffs #goldmansachs
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Matt Turner
Deputy Editor-in-Chief at Business Insider
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WALL STREET WIPEOUT: Thousands of jobs cut on brutal day for finance businessinsider.comLayoffs are happening across Wall Street on Wednesday, with Goldman Sachs starting theprocess of cutting more than 3,000 staff, and BlackRockcutting up to 500. The cuts follow a terrible 2022 for markets, as Russia's invasion of Ukraine, inflation, and rate hikes sent markets into a tailspin. That led to a sharp drop in dealmaking and declining revenues and assets under management at top investment firms. Reporting from Sindhu Sundar, Rebecca Ungarino, Carter Johnson, and Alex Morrell.
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Matt Turner
Deputy Editor-in-Chief at Business Insider
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BlackRock is cutting up to 500 jobs as the market turndown hits the world's largest money manager businessinsider.comBlackRock, the world's largest asset management firm, is cutting up to 500 roles in its first round of layoffs sinceearly 2019, according to a memo viewed by Insider Business.Rebecca Ungarino has the details.
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Rebecca Ungarino
Wall Street Reporter at Barron's
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BlackRock is cutting up to 500 jobs as the market turndown hits the world's largest money manager businessinsider.comScoop on Insider Business: BlackRock, the world's largest asset management firm, is cutting up to 500 roles in its first round of layoffs sinceearly 2019. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.A slowdown in corporate dealmaking has impacted investment banks, while theworst year for major US stock indexessince 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock's revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.
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Samir Asaf, PhD, CMA, CTP, CMAA
Senior Partner at Investment Bank, Member, American Bankers Association (ABA), Board Member
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Goldman Sachs to start cutting up to 3,200 jobs this week theguardian.comGoldman Sachs apparently failed to identify and layoff underperformers over a period of several years. It’s biting them now.
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