BlackRock, the world's largest asset manager, said Tuesday it will cut about 3% of its workforce but expects to increase headcount by the end of 2024.
The layoffs represent approximately 600 positions, based on BlackRock's 19,800 employees at the end of December 2022, the last time its headcount was updated.
According to company officials, no specific teams will be subject to reductions.
The company's stock has risen about 5% over the past 12 months, well below the benchmark S&P 500's rise of about 22%.
Chief Executive Officer Larry Fink indicated in October that the company was looking for acquisition targets to accelerate its growth trajectory.
Total assets under management at the end of the third quarter of 2023 were $9.1 trillion, down from a total of $9.4 trillion in the second quarter.
“For the first time in almost 20 years, customers can now earn real returns on cash and wait for greater policy and market certainty before resetting their risk. This weighed on BlackRock's third quarter cash position,” Fink said in a statement at the time.
BlackRock is scheduled to report fourth-quarter results on Friday. The company's shares fell 0.5% in afternoon trading Tuesday.
