NEW YORK CITY-In a continuing reorganization of the money management giant, BlackRock Inc. is cutting about 300 jobs or approximately 3% from its workforce.
BlackRock President Robert S. Kapito is quick to point out that while the workforce reduction will take place over the coming months, the company plans to continue to hire new workers this year and will likely have more employees by the end of this year as compared to the conclusion of 2012, according to a Bloomberg report.
“We are reshaping the organization by shifting certain responsibilities and moving some roles to different locations or areas of the business,” Kapito says in a memo sent to employees today. “The mix of employees will change as our business is constantly evolving.”
According to regulatory filings, BlackRock had 10,500 employees as of Dec. 31, 2012 as compared to 10,100 employees a year earlier. Since the start of 2010, the firm has added more than 1,500 employees. See Bloomberg News story.
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