BlackRock planning to cut 400 jobs: source

Wed Mar 30, 2016 6:05pm EDT
 
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By Trevor Hunnicutt and Ramkumar Iyer

(Reuters) - Global asset manager BlackRock Inc (BLK.N: Quote) is planning to cut about 400 jobs, or 3 percent of its workforce, as it redirects resources to growth areas, a person familiar with the matter said on Wednesday.

The company is planning to tell employees of the staff reductions in the coming weeks, said the source, who was not authorized to discuss the matter publicly and requested anonymity.

The person said the company was still hiring and expected to end 2016 with more employees than it has now.

A BlackRock spokesman declined comment.

The New York-based company employed about 13,000 people globally as of Dec. 31. BlackRock hired about 800 people in 2015.

The company laid off about 300 employees in 2013 as part of a reorganization to focus more on growth through new clients rather than through large acquisitions. (reut.rs/1RyIrPY)

Volatile markets over the past year have made business difficult for money management firms.

Of the top 10 U.S. companies by mutual fund and exchange-traded fund assets, all but one - Vanguard Group Inc - saw those assets decline over the one-year period through February, according to Lipper, a fund data company. Industry analysts said several such companies had moved to cut staff.   Continued...

 
The BlackRock logo is seen outside of its offices in New York January 18, 2012. 
REUTERS/Shannon Stapleton