BlackRock (NYSE:BLK) layoffs are a hot topic on Monday as the company reportedly plans to cut roughly 3% of its global workforce.
That means nearly 600 people working for the investment manager could lose their jobs. Insiders claim the Blackrock layoffs are being listed as routine as the company cuts workers based on performance.
While the layoffs haven’t been officially announced just yet, it may not be long before the company does so. The announcement could be included in its fourth-quarter 2023 earnings report coming out on Friday.
As for the reason behind the layoffs, Blackrock is reportedly seeking to shift saved money from the layoffs to other efforts. That includes its technology investing and investments in “alternative products” instead of stocks or bonds, Fox Business notes.
Blackrock Expands Layoffs
Investors will note that Blackrock announced similar job cuts in early 2023. That came at a time when many companies were reducing headcounts amid increasing inflation and rising interest rates.
Several companies are once again announcing layoffs around this time. This comes as many firms reevaluate their businesses alongside financial results for 2023. This is likely one of the reasons for Blackrock’s job cuts.
BLK stock is up slightly on Monday morning.
Investors who are searching for more of the most recent stock market stories will want to stick around!
We have all of the hottest stock market news that investors need to know about on Monday! A few examples include what’s happening with Alaska Air Group (NYSE:ALK), Enphase Energy (NASDAQ:ENPH) and Spirit AeroSystems (NYSE:SPR) stock today. You can learn more on these matters down below!
More Stock Market News for Monday
- ALK Stock Falls After Alaska Air Flight Blowout
- Wells Fargo Is Warming Up to Enphase Energy (ENPH) Stock
- Why Is Spirit AeroSystems (SPR) Stock Down 14% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
