BlackRock is cutting 500 jobs as Wall Street layoffs continue | CNN Business

New York CNN  — 

BlackRock, the world’s largest asset manager, is cutting about 500 jobs following a period of rapid hiring.

A spokesperson for BlackRock told CNN on Wednesday that the layoffs amount to less than 3% of the company’s workforce.

BlackRock (BLK), a leader on Wall Street, has been on a major hiring spree in recent years.

The company hasn’t conducted a major round of layoffs since 2019 and has increased its headcount by about 22% over the past three years, a BlackRock spokesperson told MarketWatch, adding the job cuts are coming in

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