Blackrock to cut 600 jobs as giant fund group feels pinch

BlackRock Inc (NYSE:BLK) is to cut around 3% of its staff just months after it warned it was feeling the impact of investors parking money in high-interest cash accounts. Some 600 jobs will go out of a workforce of close to 20,000, said the world’s largest fund management group in a memo to staff, with the cuts spread among all of its various investment teams. BlackRock had US$9.1 trillion assets under management at the end of October, down slightly from three months earlier. The group has been heavily crit ...