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.
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