BlackRock sheds another 200 jobs, adopting regular cycle of cuts

[NEW YORK] Larry Fink is embracing a quieter, continual cycle of rightsizing, as the world’s largest asset manager embarks on its latest round of job cuts.

BlackRock is eliminating just under 1 per cent of its workforce, amounting to about 200 employees, according to sources with knowledge of the matter. That’s after the firm trimmed headcount three times over the past 18 months.

While the cuts are measured, the regularity is helping redefine the culture at the investment firm that has grown with major acquisitions in recent years.

The latest round spans roles as diverse as investment, operations and technology, said the sources, asking not to be identified discussing private information.

It also includes jobs from the firm’s private financing arm, bolstered just a year ago with the US$12 billion purchase of HPS Investment Partners, its biggest acquisition in private credit.

“The actions we are taking today are the ordinary discipline of a continuously evolving organisation,” a spokesperson for the firm said. The asset manager is always reviewing staffing across its businesses to best serve its clients, the spokesperson added.

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BlackRock resumed job cuts in 2023 after taking a pause for years over the pandemic period. The US$14 trillion firm carried out two major rounds of job cuts last year, trimming about 1 per cent of its headcount on each occasion. BLOOMBERG