"BlackRock Announces Cuts Of Roughly 600 Jobs, About 3% Of Its Current Workforce" - Reuters News
Portfolio Pulse from Benzinga Newsdesk
BlackRock, the world's largest asset manager, announced it will cut about 3% of its workforce, which equates to roughly 600 jobs, despite expecting a larger headcount by the end of 2024. The cuts are not focused on any single team. BlackRock's shares have underperformed the S&P 500 over the last year, and the company is actively seeking acquisition targets to boost growth. With $9.1 trillion in assets under management at the end of Q3 2023, down from $9.4 trillion, the company faces industry headwinds. BlackRock's fourth-quarter results are due on Friday, and its shares were down 0.5% after the announcement.

January 09, 2024 | 8:43 pm
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BlackRock plans to cut 600 jobs, 3% of its workforce, with shares down 0.5% after the news. The company is looking for acquisitions and will report Q4 results soon.
The announcement of job cuts typically indicates cost-cutting measures, which can be seen as a negative signal about current business conditions or future expectations. However, the market may also interpret this as a move to streamline operations and improve efficiency. The slight dip in share price suggests a modest negative short-term impact. The company's interest in acquisitions and upcoming Q4 results are also critical factors that investors will be watching closely.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100