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Benzinga
  • 2 years ago
BlackRock plans to reduce its workforce by approximately 3%, around 600 jobs. The world's largest asset manager gave with no specific team targeted for these cuts, despite anticipating a larger workforce by the end of 2024. Despite underperforming against the S&P 500 with only a 5% increase in share price over the last year, CEO Larry Fink has indicated potential acquisitions to boost growth. The company's assets under management decreased from $9.4 trillion to $9.1 trillion in the third quarter of 2023.
Transcript
00:00 It's Benzinga and here's what's on the block. BlackRock plans to reduce its workforce by
00:04 approximately 3% around 600 jobs. The world's largest asset manager gave with no specific
00:10 team targeted for these cuts, despite anticipating a larger workforce by the end of 2024.
00:14 Despite underperforming against the S&P 500 with only a 5% increase in share price over the last
00:19 year, CEO Larry Fink is indicating potential acquisitions to boost growth. The company's
00:24 assets under management decreased from $9.4 trillion to $9.1 trillion in the third quarter
00:28 of 2023. The company is set to report its fourth quarter results soon, with its shares recently
00:33 experiencing a slight decline in trade. For all things money visit Benzinga.com
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