- Leading asset manager BlackRock, Inc BLK downsized its workforce affecting 500 employees or less than 3% of its employee strength.
- BlackRock restructured its teams after 2022's dramatic market when U.S. stocks scaled record lows since 2008, Reuters reports.
- BlackRock had 19,900 employees as of September 30.
- Goldman Sachs Group, Inc GS took a similar step in a sweeping cost-cutting drive.
- BlackRock CFO Gary Shedlin had shared its plans of freezing most hiring and reducing expenses due to short-term performance challenges.
- BlackRock will likely post a 22.4% drop in fourth-quarter profit to $8.09 per share, the report added, when it reports results on Friday.
- Also Read: Amazon's Hardware Staff First To Face Brunt Of Downsizing
- Price Action: BLK shares closed lower by 0.18% at $755.92 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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