BlackRock to cut up to 500 jobs amid market turmoil

© Reuters. FILE PHOTO: The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri

(Reuters) – BlackRock Inc (NYSE:) is cutting up to 500 jobs, Insider reported on Wednesday, citing a memo, as Wall Street continues to shrink in the face of rising interest rates. risk of economic recession.

The world’s largest asset manager had 19,900 employees as of September 30, according to a filing with the US Securities and Exchange Commission.

Earlier in the day, Goldman Sachs (NYSE: NYSE: NYSE) also began laying off staff in a sweeping cost-cutting effort, a source familiar with the matter told Reuters.

The Insider report comes a month after BlackRock CFO Gary Shedlin said the company has halted most hiring and cut costs due to short-term performance challenges.

According to Refinitiv estimates, the company expects a 22.4% drop in fourth-quarter profit to $8.09 per share when it reports results on Friday.

The report says New York-based BlackRock will notify employees on Wednesday of whether they will be fired, after the company’s human resources department notified the employee’s manager on Wednesday. Three.

The company did not immediately respond to Reuters’ request for comment.

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