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, 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, it will be a “regular” round of layoffs and is similar to a similar decision the fund made earlier last year. To adapt to market conditions.

Like many large financial firms, BlackRock has done a lot of hiring in recent times, growing its workforce by more than 20% over the past three years.

Shares of the company, which will announce its fourth-quarter results this Friday, After a decline of more than 20% in 2022, they rose by 6% in 2023.

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

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

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