BlackRock becomes latest financial services financial firm to axe jobsUS publicly traded asset manager BlackRock released an internal memo warning its employees of job cuts to be announced later this week, according to a report from Thomson Reuters. Last month, BlackRock announced Q3 profits were down 15 per cent to $217.7m.
The firm explained to its employees that it aims to reduce expenses due to the current economic environment.
'Expense policies and business practices will be tightened. However, it was not possible to reduce costs and achieve re-engineering efficiencies to the extent necessary without considering cuts in staffing. Some positions across the firm will be eliminated,' BlackRock reportedly said in the memo to its employees.
The proposed cuts follow similar announcements from other asset managers, such as Putnam Investments, Legg Mason Inc. and Fidelity Investments.
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