BlackRock, Inc. BLK reportedly announced layoffs that would impact less than 1% of its workforce.
The company is planning budget reallocations to support critical priorities, Reuters reported citing a memo.
The investment management firm has more than 19,000 employees in 35+ different countries.
The report added that the company's fresh round of employee termination followed a recent business review process, Chief Operating Officer Rob Goldstein and Global Head of Human Resources Caroline Heller said in a memo to staff.
Also Read: BlackRock Asks Employees To Resume Full-Time Office Four Days A Week
The report noted that despite the job cuts, the asset manager's headcount would be higher at the end of 2023 than at the beginning of the year.
BlackRock had cut 500 jobs earlier this year while reshaping its teams, Reuters added.
Price Action: BLK shares are trading lower by 0.27% to $677.77 on the last check Friday.
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