BlackRock cuts 3% of global workforce on dramatic industry shifts

Going strong: Signage outside the BlackRock headquarters in New York. The world’s largest asset manager says it still expects to have a larger staff by the end of the year as it expands certain parts of the business. — Bloomberg

NEW YORK: BlackRock Inc will dismiss about 600 employees, or roughly 3% of its global workforce, as it seeks to reallocate resources amid rapid changes in asset management.

“We see our industry changing faster than at any time since the founding of BlackRock,” chief executive officer Larry Fink and president Rob Kapito wrote Tuesday in a memo to staff.