BlackRock to cut 500 jobs - report

3% of workforce

BlackRock is set to cut 500 jobs, or 3% of its workforce, over the next few weeks, according to a memo seen by Reuters.

The cuts will not take place in any specific geographical area or unit and the firm's total staff will still be 4% higher than a year ago following the layoffs. In the memo, BlackRock president Robert Kapito said: "We are always looking for ways to improve how we operate, to simplify our processes and structures, to prudently manage expenses, and to accelerate growth. "The changes we are making now will help us continue to invest in our most important strategic growth opportunities for the future." The memo said the company will continue to invest in high-growth areas of the market...