Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and chances of a worldwide slump loom. Blackrock, the world’s largest investment manager, is set to cut 500 jobs, entering a long list of top firms worldwide looking at lowering costs on of an anticipated recession this year, reported Bloomberg.
“The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients,” Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo.
The layoffs could be just a little over 2.5 percent of Blackrock’s worker base of 19,900, and the result points to worsening sentiment in economic markets, with companies predicted to report poor earnings starting this week.
Last month, Blackrock’s chief financial officer, Gary Shedlin, reported a hiring freeze and cut costs to meet short-term implementation challenges.
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