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BlackRock to reduce workforce by 500 jobs

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BlackRock to reduce workforce by 500 jobs

BlackRock Inc. plans to lay off 500 of its workers, or 3% of its worldwide headcount, in the coming weeks, Bloomberg News reported, citing an internal memo, which did not specify the affected departments.

This follows news that BlackRock has promoted Mark Wiedman to head the company's international operations and corporate strategy. BlackRock CEO Laurence Fink has said that more leadership changes are expected.

Given the pressure to reduce costs amid market volatility, asset managers in the U.S. are trimming their workforces. For example, State Street Corp. is expected to lay off 15% of its senior management, including executive vice presidents and senior vice presidents.