BlackRock Inc has announced plans to reduce its workforce by approximately 1% as part of a strategic realignment, Bloomberg reported on Wednesday. This decision comes after the company spent more than $25 billion on acquisitions last year to broaden its capabilities in private-market assets and data.
The workforce reduction was communicated to BlackRock employees in a memo from President Rob Kapito and Chief Operating Officer Rob Goldstein on Wednesday. With a current staff count exceeding 21,000, the cuts will affect around 200 employees.
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