In the first retrenchment since 2019, American multinational investment company BlackRock Inc targeting firing 500 employees, which is around 2.5% of its global workforce.

The lay off is happening after the firm grappled with sharp declines last year in equity and bond markets.

”The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," wrote Chief Executive Officer Larry Fink and President Rob Kapito, according to Bloomberg.

Despite a 2.5% job cut, the workforce will continue to be 5% higher as compared to a year ago. Currently, BlackRock deploys 19,900 employees in more than 30 countries.

In view of the economic slowdown, tech firms large and small have been forced to make harsh cutbacks. In 2022, around a thousand companies in the tech sector let go of more than 150,000 employees worldwide, with even industry titans like Amazon, Microsoft, Meta, Twitter, and Intel feeling the pinch.

Data from Layoffs Tracker reveals that a staggering 30,611 individuals from 30 different companies have been unceremoniously let go in the first six days of January alone.