BlackRock says it's cutting 3% of its staff amid a ‘rapidly changing' market environment

Investment-management giant BlackRock Inc. plans to lay off around 3% of its staff, or around 600 employees, the company said on Tuesday, amid what executives described as a “rapidly changing” economic backdrop and shifts in client demands. In a memo to employees, Chief Executive Larry Fink and President Rob Capito said they still expected the company’s workforce to be bigger by the end of the year “as we continue adding people and building capabilities to support key areas of growth.” They also said m ...