BlackRock Inc. is planning its second round of job cuts this year after the world’s largest asset manager splurged on $28 billion of deals to wade deeper into private markets.
The firm is set to cut about 300 people months after a similar move at the start of the year, according to people with knowledge of the matter. The reductions this month will amount to a little over 1% of its workforce, with the investment firm counting about 22,600 employees at the end of March.
A BlackRock spokesperson declined to comment.
BlackRock, which manages about $11.6 trillion in client assets, has grown its workforce by 14% since the end of 2023, with many new employees coming from the $12.5 billion acquisition of Global Infrastructure Partners and data firm Preqin Ltd.
The company is also in the process of closing a deal for private credit manager HPS Investment Partners for $12 billion.
BlackRock’s move follows rounds of cuts across Wall Street in recent months, with Morgan Stanley cutting 2,000 jobs to keep a lid on costs. Goldman Sachs Group Inc. brought forward its annual round of job cuts and targeted 3% to 5% of staff, while Bank of America Corp. trimmed investment banking roles.
Elsewhere in Utah, Raymond James also welcomed another experienced advisor from D.A. Davidson.
A federal appeals court says UBS can’t force arbitration in a trustee lawsuit over alleged fiduciary breaches involving millions in charitable assets.
NorthRock Partners' second deal of 2025 expands its Bay Area presence with a planning practice for tech professionals, entrepreneurs, and business owners.
Rather than big projects and ambitious revamps, a few small but consequential tweaks could make all the difference while still leaving time for well-deserved days off.
Hadley, whose time at Goldman included working with newly appointed CEO Larry Restieri, will lead the firm's efforts at advisor engagement, growth initiatives, and practice management support.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.