In a statement on Thursday (June 22), BLACKROCK announced staff reductions as part of a reallocation of its budget towards crucial priorities. The firm clarified that the impact would be on less than 1% of its total workforce.

As reported by Bloomberg, chief operating officer Rob Goldstein and Global Head of Human Resources Caroline Heller informed the staff via a memo that the decision was made after conducting a recent business review.

“Even with these changes, our headcount will be higher at the end of the year compared to the start of the year as we continue to invest in our talent and our business,” they wrote.

At the end of the previous year, BlackRock had a workforce of around 19,800 individuals. In January, the company announced its plans to terminate 500 employees, which accounts for approximately 2.5% of its global staff, marking its first reduction since 2019.

Bloomberg reported that in response to volatile markets and challenges posed by inflation and rising interest rates, Wellington Management recently reduced its workforce by approximately 5%.