BlackRock, the world’s largest asset manager, will lay off about 600 employees as it seeks to reshuffle its resources in response to technological changes in the financial industry.
“We see our industry changing faster than at any time since the founding of BlackRock,” wrote CEO Larry Fink and President Rob Kapito in an internal memo reviewed by CNN. “As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources.”
The New York-based firm says that even with these job cuts, it expects to end the year with more employees. “We expect to have a larger workforce as we continue adding people and building capabilities to support key areas of growth,” according to the memo.
Shares of the company, which reports fourth-quarter earnings on Friday, were down by about 0.6% in afternoon trading.
This story is developing and will be updated.
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