The world’s largest asset manager told employees on Monday that it was to act in response to lower trading revenues and regulatory restrictions, according to the Financial Times.
Despite the cuts – which could be up to 3% of the firm’s workforce – BlackRock’s president Robert S. Kapito is said to have sent a memo to employees stating that the firm also plans to recruit and expects to have more employees at the end of 2013 than at the end of 2012.
As at the end of last year, the firm’s employee count numbered 10,500.
It is not yet clear whether the redundancies will affect employees in London, or whether it will be restricted to its New York HQ.
