BlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager

Insider2023-01-12

BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue ...

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oakfra
2023-01-12
oakfra
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2023-01-12
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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-12 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1><strong>Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue ...</p>\n\n<a href=\"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BLK","symbol_name":"贝莱德","start_time":0,"source_url":"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1","article_id":"1150924198","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1150924198","pubTimestamp":1673479086,"columns":[],"sourceInfo":{"source_id":"Insider","name":"Insider"},"weMediaInfo":null,"summary":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People manag","collect":0,"end_time":0,"defaultTopTitle":"businessinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BLK":"贝莱德"},"translate_title":"全球最大的基金管理公司贝莱德将裁员500人","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLK":0.9},"content_text":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue fell 15% last fall from a year prior as market declines dragged on fees.BlackRock CEO Larry Fink said in a memo to employees on Wednesday that the firm would lay off employees. Michael M. Santiago/Getty ImagesBlackRock, the world's largest asset management firm, is cutting up to 500 roles in its first round of layoffs since early 2019, according to a memo viewed by Insider. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.The New York-based firm is notifying staff on Wednesday about whether they were going to be laid off after its human resources department alerted employees' managers on Tuesday. Managers were told last October to start gathering lists of employees who may be selected for layoffs, a person with knowledge of the matter said.Rumors of layoffs starting to spread among staff and the news of cuts in recent months at other investment firms including Goldman Sachs and Morgan Stanley have put employees on edge. One BlackRock employee told Insider on Tuesday that they were worried. \"Hopefully, I won't be affected,\" the person said.Managing directors in New York gathered on Tuesday for an hour-long meeting to discuss the layoffs, another person familiar with the matter said. It is unclear which teams will be reduced by the broad-based workforce reductions, and a spokesperson declined to comment on which parts of the business are being impacted.Larry Fink, the firm's chief executive, and Rob Kapito, the president, said in a memo to employees on Wednesday morning that the firm's headcount has still grown by about 22% in the past three years, and by about 8% in 2022.\"Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,\" Fink and Kapito said.The firm had slowed down hiring in 2022, pointing to economic uncertainty, Insider previously reported. The reductions are about in-line with the layoffs of roughly 500 roles that BlackRock announced in January 2019.Economists and strategists across Wall Street, including BlackRock's own, have widely forecast difficult economic conditions as growth slows and central banks raise interest rates in an effort to tame inflation.A slowdown in deals has impacted investment banks, while the worst year for major US stock indexes since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock's revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.The view of BlackRock's investment research group \"is clearly that we feel that a recession is a matter of when, not if,\" said the firm's chief financial officer, Gary Shedlin, during an industry conference early last month.\"Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn't, because the market bounced back very quickly. I don't think we feel that the market is bouncing back nearly as quickly at this point in time,\" Shedlin said, according to a transcript of his remarks from the research platform Sentieo. \"So we're trying to be a little bit more prudent.\"BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9951289978,"gmtCreate":1673490367194,"gmtModify":1676538845351,"author":{"id":"3582726716151472","authorId":"3582726716151472","name":"oakfra","avatar":"https://static.tigerbbs.com/f043c379e1c93d1e70f4c4b88fb3e64a","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3582726716151472","authorIdStr":"3582726716151472"},"htmlText":"Smart money 🤣","listText":"Smart money 🤣","text":"Smart money 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951289978","repostId":1150924198,"repostType":2,"repost":{"id":"1150924198","kind":"news","pubTimestamp":1673479086,"share":"https://ttm.financial/m/news/1150924198?lang=&edition=fundamental","pubTime":"2023-01-12 07:18","market":"us","language":"en","title":"BlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager","url":"https://stock-news.laohu8.com/highlight/detail?id=1150924198","media":"Insider","summary":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People manag","content":"<html><head></head><body><ul><li>BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.</li><li>People managers were told last fall to start gathering lists of employees who may be let go.</li><li>BlackRock revenue fell 15% last fall from a year prior as market declines dragged on fees.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14b6a387470904f75a6c2a52c38e2888\" tg-width=\"1300\" tg-height=\"867\" width=\"100%\" height=\"auto\"/><span>BlackRock CEO Larry Fink said in a memo to employees on Wednesday that the firm would lay off employees. Michael M. Santiago/Getty Images</span></p><p>BlackRock, the world&#39;s largest asset management firm, is cutting up to 500 roles in its first round of layoffs since early 2019, according to a memo viewed by Insider. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.</p><p>The New York-based firm is notifying staff on Wednesday about whether they were going to be laid off after its human resources department alerted employees&#39; managers on Tuesday. Managers were told last October to start gathering lists of employees who may be selected for layoffs, a person with knowledge of the matter said.</p><p>Rumors of layoffs starting to spread among staff and the news of cuts in recent months at other investment firms including Goldman Sachs and Morgan Stanley have put employees on edge. One BlackRock employee told Insider on Tuesday that they were worried. &#34;Hopefully, I won&#39;t be affected,&#34; the person said.</p><p>Managing directors in New York gathered on Tuesday for an hour-long meeting to discuss the layoffs, another person familiar with the matter said. It is unclear which teams will be reduced by the broad-based workforce reductions, and a spokesperson declined to comment on which parts of the business are being impacted.</p><p>Larry Fink, the firm&#39;s chief executive, and Rob Kapito, the president, said in a memo to employees on Wednesday morning that the firm&#39;s headcount has still grown by about 22% in the past three years, and by about 8% in 2022.</p><p>&#34;Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,&#34; Fink and Kapito said.</p><p>The firm had slowed down hiring in 2022, pointing to economic uncertainty, Insider previously reported. The reductions are about in-line with the layoffs of roughly 500 roles that BlackRock announced in January 2019.</p><p>Economists and strategists across Wall Street, including BlackRock&#39;s own, have widely forecast difficult economic conditions as growth slows and central banks raise interest rates in an effort to tame inflation.</p><p>A slowdown in deals has impacted investment banks, while the worst year for major US stock indexes since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock&#39;s revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.</p><p>The view of BlackRock&#39;s investment research group &#34;is clearly that we feel that a recession is a matter of when, not if,&#34; said the firm&#39;s chief financial officer, Gary Shedlin, during an industry conference early last month.</p><p>&#34;Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn&#39;t, because the market bounced back very quickly. I don&#39;t think we feel that the market is bouncing back nearly as quickly at this point in time,&#34; Shedlin said, according to a transcript of his remarks from the research platform Sentieo. &#34;So we&#39;re trying to be a little bit more prudent.&#34;</p><p>BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.</p></body></html>","source":"Insider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-12 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1><strong>Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue ...</p>\n\n<a href=\"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BLK":"贝莱德"},"source_url":"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150924198","content_text":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue fell 15% last fall from a year prior as market declines dragged on fees.BlackRock CEO Larry Fink said in a memo to employees on Wednesday that the firm would lay off employees. Michael M. Santiago/Getty ImagesBlackRock, the world's largest asset management firm, is cutting up to 500 roles in its first round of layoffs since early 2019, according to a memo viewed by Insider. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.The New York-based firm is notifying staff on Wednesday about whether they were going to be laid off after its human resources department alerted employees' managers on Tuesday. Managers were told last October to start gathering lists of employees who may be selected for layoffs, a person with knowledge of the matter said.Rumors of layoffs starting to spread among staff and the news of cuts in recent months at other investment firms including Goldman Sachs and Morgan Stanley have put employees on edge. One BlackRock employee told Insider on Tuesday that they were worried. \"Hopefully, I won't be affected,\" the person said.Managing directors in New York gathered on Tuesday for an hour-long meeting to discuss the layoffs, another person familiar with the matter said. It is unclear which teams will be reduced by the broad-based workforce reductions, and a spokesperson declined to comment on which parts of the business are being impacted.Larry Fink, the firm's chief executive, and Rob Kapito, the president, said in a memo to employees on Wednesday morning that the firm's headcount has still grown by about 22% in the past three years, and by about 8% in 2022.\"Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,\" Fink and Kapito said.The firm had slowed down hiring in 2022, pointing to economic uncertainty, Insider previously reported. The reductions are about in-line with the layoffs of roughly 500 roles that BlackRock announced in January 2019.Economists and strategists across Wall Street, including BlackRock's own, have widely forecast difficult economic conditions as growth slows and central banks raise interest rates in an effort to tame inflation.A slowdown in deals has impacted investment banks, while the worst year for major US stock indexes since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock's revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.The view of BlackRock's investment research group \"is clearly that we feel that a recession is a matter of when, not if,\" said the firm's chief financial officer, Gary Shedlin, during an industry conference early last month.\"Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn't, because the market bounced back very quickly. I don't think we feel that the market is bouncing back nearly as quickly at this point in time,\" Shedlin said, according to a transcript of his remarks from the research platform Sentieo. \"So we're trying to be a little bit more prudent.\"BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9951653192,"gmtCreate":1673480018416,"gmtModify":1676538842816,"author":{"id":"4099790386907850","authorId":"4099790386907850","name":"leeinvest","avatar":"https://static.tigerbbs.com/b480051f839130f7274379fc24924fd2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4099790386907850","authorIdStr":"4099790386907850"},"htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9951653192","repostId":1150924198,"repostType":4,"repost":{"id":"1150924198","kind":"news","pubTimestamp":1673479086,"share":"https://ttm.financial/m/news/1150924198?lang=&edition=fundamental","pubTime":"2023-01-12 07:18","market":"us","language":"en","title":"BlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager","url":"https://stock-news.laohu8.com/highlight/detail?id=1150924198","media":"Insider","summary":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People manag","content":"<html><head></head><body><ul><li>BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.</li><li>People managers were told last fall to start gathering lists of employees who may be let go.</li><li>BlackRock revenue fell 15% last fall from a year prior as market declines dragged on fees.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14b6a387470904f75a6c2a52c38e2888\" tg-width=\"1300\" tg-height=\"867\" width=\"100%\" height=\"auto\"/><span>BlackRock CEO Larry Fink said in a memo to employees on Wednesday that the firm would lay off employees. Michael M. Santiago/Getty Images</span></p><p>BlackRock, the world&#39;s largest asset management firm, is cutting up to 500 roles in its first round of layoffs since early 2019, according to a memo viewed by Insider. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.</p><p>The New York-based firm is notifying staff on Wednesday about whether they were going to be laid off after its human resources department alerted employees&#39; managers on Tuesday. Managers were told last October to start gathering lists of employees who may be selected for layoffs, a person with knowledge of the matter said.</p><p>Rumors of layoffs starting to spread among staff and the news of cuts in recent months at other investment firms including Goldman Sachs and Morgan Stanley have put employees on edge. One BlackRock employee told Insider on Tuesday that they were worried. &#34;Hopefully, I won&#39;t be affected,&#34; the person said.</p><p>Managing directors in New York gathered on Tuesday for an hour-long meeting to discuss the layoffs, another person familiar with the matter said. It is unclear which teams will be reduced by the broad-based workforce reductions, and a spokesperson declined to comment on which parts of the business are being impacted.</p><p>Larry Fink, the firm&#39;s chief executive, and Rob Kapito, the president, said in a memo to employees on Wednesday morning that the firm&#39;s headcount has still grown by about 22% in the past three years, and by about 8% in 2022.</p><p>&#34;Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,&#34; Fink and Kapito said.</p><p>The firm had slowed down hiring in 2022, pointing to economic uncertainty, Insider previously reported. The reductions are about in-line with the layoffs of roughly 500 roles that BlackRock announced in January 2019.</p><p>Economists and strategists across Wall Street, including BlackRock&#39;s own, have widely forecast difficult economic conditions as growth slows and central banks raise interest rates in an effort to tame inflation.</p><p>A slowdown in deals has impacted investment banks, while the worst year for major US stock indexes since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock&#39;s revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.</p><p>The view of BlackRock&#39;s investment research group &#34;is clearly that we feel that a recession is a matter of when, not if,&#34; said the firm&#39;s chief financial officer, Gary Shedlin, during an industry conference early last month.</p><p>&#34;Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn&#39;t, because the market bounced back very quickly. I don&#39;t think we feel that the market is bouncing back nearly as quickly at this point in time,&#34; Shedlin said, according to a transcript of his remarks from the research platform Sentieo. &#34;So we&#39;re trying to be a little bit more prudent.&#34;</p><p>BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.</p></body></html>","source":"Insider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBlackRock Is Cutting up to 500 Jobs As the Market Turndown Hits the World's Largest Money Manager\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-12 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1><strong>Insider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue ...</p>\n\n<a href=\"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BLK":"贝莱德"},"source_url":"https://www.businessinsider.com/blackrock-layoffs-headcount-market-downturn-2023-1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150924198","content_text":"BlackRock is cutting up to 500 roles, representing less than 3% of its global workforce.People managers were told last fall to start gathering lists of employees who may be let go.BlackRock revenue fell 15% last fall from a year prior as market declines dragged on fees.BlackRock CEO Larry Fink said in a memo to employees on Wednesday that the firm would lay off employees. Michael M. Santiago/Getty ImagesBlackRock, the world's largest asset management firm, is cutting up to 500 roles in its first round of layoffs since early 2019, according to a memo viewed by Insider. The reductions represent less than 3% of its global workforce of 19,900 and come as severe market declines last year weighed heavily on revenue and assets under management.The New York-based firm is notifying staff on Wednesday about whether they were going to be laid off after its human resources department alerted employees' managers on Tuesday. Managers were told last October to start gathering lists of employees who may be selected for layoffs, a person with knowledge of the matter said.Rumors of layoffs starting to spread among staff and the news of cuts in recent months at other investment firms including Goldman Sachs and Morgan Stanley have put employees on edge. One BlackRock employee told Insider on Tuesday that they were worried. \"Hopefully, I won't be affected,\" the person said.Managing directors in New York gathered on Tuesday for an hour-long meeting to discuss the layoffs, another person familiar with the matter said. It is unclear which teams will be reduced by the broad-based workforce reductions, and a spokesperson declined to comment on which parts of the business are being impacted.Larry Fink, the firm's chief executive, and Rob Kapito, the president, said in a memo to employees on Wednesday morning that the firm's headcount has still grown by about 22% in the past three years, and by about 8% in 2022.\"Taking a targeted and disciplined approach to how we shape our teams, we will adapt our workforce to align even more closely with our strategic priorities and create opportunities for the immense talent inside the firm to develop and prosper,\" Fink and Kapito said.The firm had slowed down hiring in 2022, pointing to economic uncertainty, Insider previously reported. The reductions are about in-line with the layoffs of roughly 500 roles that BlackRock announced in January 2019.Economists and strategists across Wall Street, including BlackRock's own, have widely forecast difficult economic conditions as growth slows and central banks raise interest rates in an effort to tame inflation.A slowdown in deals has impacted investment banks, while the worst year for major US stock indexes since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock's revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period.The view of BlackRock's investment research group \"is clearly that we feel that a recession is a matter of when, not if,\" said the firm's chief financial officer, Gary Shedlin, during an industry conference early last month.\"Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn't, because the market bounced back very quickly. I don't think we feel that the market is bouncing back nearly as quickly at this point in time,\" Shedlin said, according to a transcript of his remarks from the research platform Sentieo. \"So we're trying to be a little bit more prudent.\"BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":87,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1150924198"}