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BlackRock to cut 300 jobs
Markets
by Dylan Lobo on Mar 19, 2013 at 08:03
BlackRock is to cut 300 jobs according to reports.
The Financial Times say the cuts, which represent around 3% of its workforce, will apply to the US investment firm's poorest performers. It is believed the cuts will mainly effect its New York business and it is not clear how it will impact its London-based operation.
According to memo to staff seen by the paper, BlackRock president Rob Kapito indicated the firm would continue to recruit as it looks to reposition the business, with the creation of an in-house electronic 'exchange to match trades' service among its goals.
'Even with these latest changes, we expect to have more employees at year-end than we do today,' the memo is said to have read.
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