BlackRock cuts about 250 jobs, trimming roughly 1% of global workforce

BlackRock has cut hundreds of jobs across the company, becoming the latest Wall Street firm to rein in headcount as cost discipline tightens across the financial sector.

The reductions amount to about 1% of BlackRock’s global workforce, or roughly 250 employees, according to people familiar with the matter who spoke on condition of anonymity because the information is private. The cuts span multiple functions, including investment and sales teams, the people said.

In a statement, a BlackRock spokesperson said the firm regularly reviews its staffing needs. “Improving BlackRock is a constant priority,” the spokesperson said. “Each year, we make decisions to ensure that our resources are aligned with our objectives and that we are well positioned to serve clients today and in the future.”

Part of a broader reshaping

The job cuts come as chief executive Larry Fink continues to reconfigure the world’s largest asset manager, with a sharper focus on private markets and alternative investments.

BlackRock completed its $12 billion acquisition of private credit specialist HPS Investment Partners in July, and has since been integrating senior leadership from the deal while preparing to launch a new suite of investment products aimed at wealthy retail clients.

Bloomberg previously reported that BlackRock carried out two rounds of job cuts last year, each reducing headcount by about 1%, as the firm balanced expansion in strategic areas with tighter cost controls.

Industry-wide pressure on costs

BlackRock’s move mirrors a broader trend across global finance, where firms are reassessing staffing levels after years of expansion.

Citigroup is set to eliminate about 1,000 jobs this week, Reuters reported earlier, as part of a multi-year restructuring plan. UBS Group is also planning job cuts this month, with further reductions later in the year as it shuts down systems inherited from Credit Suisse, Bloomberg reported.

The renewed focus on efficiency comes amid market volatility, fee pressure and investor scrutiny of operating costs, even as assets under management remain elevated at many firms.

BlackRock is scheduled to report fourth-quarter earnings on January 15. As of the end of September, the firm employed about 24,600 people globally and managed approximately $13.5 trillion in assets.

While the latest cuts are limited in scale, they underline a more cautious approach to workforce growth as BlackRock presses ahead with its strategic pivot. Investors and employees will be watching upcoming earnings closely for further signals on hiring, costs and the pace of change under Fink’s leadership.