BlackRock is planning to cut up to 400 jobs, in what may be its biggest round of layoffs yet.
The layoffs will equal about 3% of the firm’s 13,000 workers, yet the company will continue to invest and hire in key areas and expects to recoup those jobs and some by year's end, sources tell Bloomberg.
CEO Larry Fink did say in January that market volatility could put pressure on jobs, and analysts predict a drop in Q2 revenue at the world’s largest investor.
And analysts expect BlackRock’s Q1 net income to fall 12% compared to a year earlier due to rising expenses, including salaries. [Bloomberg]
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