BlackRock plans to cut 500 employees from its global workforce as the world’s biggest asset manager grapples with the fallout from last year’s market sell-off.
The job cuts at the nearly $8tn fund management group would be equivalent to a reduction of about 2.5 per cent of its total workforce of almost 20,000 people, about a third of whom are in the US.
The headcount reductions were announced in an internal memo from chief executive Larry Fink and president Rob Kapito, according to people familiar with it.
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