BlackRock is cutting 500 jobs as Wall Street layoffs continue
New York(CNN) — BlackRock, the world's largest asset manager, is cutting about 500 jobs following a period of rapid hiring.
A spokesperson for BlackRock told CNN on Wednesday that the layoffs amount to less than 3% of the company's workforce.
BlackRock (BLK), a leader on Wall Street, has been on a major hiring spree in recent years.
The company hasn't conducted a major round of layoffs since 2019 and has increased its headcount by about 22% over the past three years, a BlackRock spokesperson told MarketWatch, adding the job cuts are coming in the face of an "unprecedented market environment."
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