LONDON, Jan 13 (Reuters) - BlackRock, the world's largest asset manager, will cut hundreds of jobs as part of a regular round of layoffs to improve efficiency, a spokesperson for the company told Reuters.
Around 1% of its global workforce, or about 250 employees, will lose their jobs, the spokesperson said, confirming an earlier report by Bloomberg News.
Under the leadership of CEO and co-founder Larry Fink, BlackRock has sharpened its focus on private markets through major acquisitions, including of private credit provider HPS and infrastructure investor Global Infrastructure Partners.
“Improving BlackRock is a constant priority,” the spokesperson said in a statement. “Each year, we make decisions to ensure that our resources are aligned with our objectives and that we are well positioned to serve clients today and in the future.”
Reporting by Iain Withers; editing by Barbara Lewis
Source: Reuters