World 2nd Largest Asset Manager BlackRock to Cut 500 Jobs Representing 2.5% of Workforce, AUM Drops from $10 Trillion to $7.9 Trillion in 2022
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World 2nd Largest Asset Manager BlackRock to Cut 500 Jobs Representing 2.5% of Workforce, AUM Drops from $10 Trillion to $7.9 Trillion in 2022 12th January 2023 | Hong Kong
The world 2nd largest asset manager BlackRock is cutting around 500 jobs representing 2.5% of workforce, with BlackRock AUM dropping from $10 trillion to $7.9 trillion in 2022. Laurence D. Fink, Chairman and CEO: “The first half of 2022 brought an investment environment that we have not seen in decades. Investors are simultaneously navigating high inflation, rising rates and the worst start to the year for both stocks and bonds in half a century, with global equity and fixed income indexes down 20% and 10%, respectively. BlackRock generated net inflows of $90 billion in the second quarter demonstrating our ability, once again, to deliver industry-leading organic growth even in the most challenging of environments. Our connectivity with clients has never been stronger. Over the last twelve months, we’ve delivered over $460 billion of net inflows reflecting 5% organic base fee growth. I cannot think of a time when BlackRock’s strategic focus has been more aligned with the needs of our clients than it is today. ETFs generated $52 billion of net inflows, led by fixed income net inflows of $31 billion. Active strategies continued to reflect demand for systematic equity, LifePath target-date solutions and alternatives, where we raised nearly $8 billion across commitments and net inflows. BlackRock’s cash platform reached record AUM levels in the quarter, generating $21 billion of net inflows. And, we had record Aladdin client mandates in the first half of 2022. Over the course of BlackRock’s 34-year history, we have experienced numerous periods of volatility and uncertainty, and BlackRock has always come through stronger. It is during periods like these that we differentiate ourselves even more with clients and further deepen those relationships. I see more opportunities for BlackRock today than ever before, and remain confident in our ability to deliver long-term growth for our clients, shareholders and employees.” (AUM ~ Assets under Management)
” World 2nd Largest Asset Manager BlackRock to Cut 500 Jobs Representing 2.5% of Workforce, AUM Drops from $10 Trillion to $7.9 Trillion in 2022 “
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World 2nd Largest Asset Manager BlackRock to Cut 500 Jobs Representing 2.5% of Workforce, AUM Drops from $10 Trillion to $7.9 Trillion in 2022
BlackRock Chairman Larry Fink
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About BlackRock
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