American asset manager BlackRock is set to lay off 500 jobs globally, marking its largest downsizing exercise since 2016.

The jobs to be axed constitute 3% of the asset manager’s global workforce.

The firm did not disclose details on the specific units or geographies affected by the move, which will take place in the coming weeks.

In a memo, BlackRock president Rob Kapito said: “We are always looking for ways to improve how we operate, to simplify our processes and structures, to prudently manage expenses, and to accelerate growth.

“The changes we are making now will help us continue to invest in our most important strategic growth opportunities for the future.”

At the same time, the firm revealed that its headcount will be 4% higher than last year even after the job cuts.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Plans are also on to invest in high-growth markets and technology as well as prioritise key products such as ETFs, the firm said in the memo.

The latest announcement comes close on the heels of the appointment of Mark Wiedman as the head of international and corporate strategy at BlackRock.

Wiedman previously led the global ETF and index fund businesses at BlackRock.

The firm announced plans to make several more leadership changes.

“With these changes, and others we’ll make later this year, our aim is to bring the firm closer together, to simplify our organisation, to make us more nimble, and to create new opportunities to drive growth and serve our clients,” the memo said.