BlackRock, the multinational investment-management corporation, is set to reduce its 20,000-strong workforce by 600 employees, which accounts for three percent of the team. This downsizing marks the third round of layoffs at the company, with 500 employees being let go in January 2023. However, the layoffs do not imply that the firm is stopping its hiring process. On the contrary, BlackRock intends to continue hiring people to ensure growth.
In a memo to the staff, Larry Fink, CEO and chairman at BlackRock, shared that the cuts would impact businesses across the firm. The reason for downsizing is said to be the uncertainties and changes that the asset-management industry is facing. However, the company clarifies that it has maintained a strong relationship with its clients and predicts strong momentum in 2024. Additionally, BlackRock has increased its investment in artificial intelligence (AI) technology to improve productivity, ensure efficiency, and transform processes.
In July 2023, BlackRock partnered with the financial services arm of Jio, with both companies investing up to $150 million in the 50-50 venture. The venture, named Jio BlackRock, aims to utilize the combined strength and scale of the two entities to serve millions of investors in India.
