BlackRock Plans to Cut 500 Jobs in First Retrenchment Since 2019

BlackRock Inc. plans to dismiss about 500 employees, roughly 2.5% of its global workforce, after the world’s biggest asset manager grappled with sharp declines last year in equity and bond markets.

“The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients,” Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo seen by Bloomberg...

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