Another round of layoffs is apparently expected at BlackRock this summer, though it’s unclear if the cuts will go down closer to June 21 or or post Fourth of July. Either way, something to think about! In other B-Rock news, the firm has apparently “done away with paper and plastic cups as part of an austerity program.” No word if employees will be getting BLK-branded mugs, a la Bank of Amerillwide.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
BLK sucks
I hate these ridiculous austerity programs. The bans on styrofoam cups and single-sided copies do almost nothing to cut expenses, but seriously damage morale by treating employees like children.
If they really wanted to cut expenses and even boost morale at the same time, they could simply fire the most unpopular employees. Of course, then they’d have to fire new management . . .
I call bull shit on new layoffs
@3- congrats! no one cares.
@4 – what makes you think anyone gives a damn about yours?
@1 – everyone else sucks BLK’s KoolAid.
something to look forward to.
BLK is ruh-donk-u-lous.
BLK is ruh-donk-u-lous.
BLK is ruh-donk-u-lous.
BLK is ruh-donk-u-lous.
I guess round 3 is summer, by this pattern, round 4 will be in the fall?
BLK sucks…
I guess it falls in the pattern, Round 1 in Nov, Round 2 in March, Round 3 in June and Round 4 in sept/oct???? any ideas what gropus will be impacted?
@13 learn to spell before you post comments..!!! did you mean to say what dead weight???
while i don’t doubt there will be more layoffs, how does a site like dealbreaker find out about anything that’s being planned? i wonder who the leak is…
@15, you don’t know that? apparently you are not in the loop for anything. Multiple sources confirmed in April they were planning another cut in summer.
The matter of fact you are asking this question probably means you are not one of the essential employees and can be let go anytime. If not this round, then next round in Sept…
If I were you, I would start looking for another job now, your name will be called sooner or later
Any predictions when it is all said and done, how many rounds of cut there will be at BLK?
I would go ahead and say 6 rounds
obviously round 3 summer
round 4 Sep
round 5 Jan, 2010
round 6 March,2010
See for yourself what are the chances of you surviving all those rounds
They should just start them this week, that way we can start enjoying the summer.
BLK is a great company that grew too fast. It seems that middle and upper management were more concerned with building their own mini-empires than keeping costs down
The company has way too many mediocre employees and could probably cut half of the head count without missing a beat.
The same management teams that bloated the company have been assigned the task of reducing head count. Naturally, they are targeting the cheapest employees at the analyst and associate levels instead of themselves. We can only hope that one of these rounds will chop out half of the worthless VP’s and Directors…
@16 – outside of working in HR or senior management, i doubt many people at BLK have extensive details on the timing and scope of layoffs. in the meantime, please present your mighty credentials to prove why you are an “essential employee” with access to “multiple sources”. you are precisely the type of douche bag that the company is slowly getting rid of…and you still didn’t answer the question that 15 asked.
good luck to all – and make sure to get your shi+ done in the office or else you’re gone
Deals don’t break until Chuck Norris breaks them…
I can not believe the amount of mid-level managers (VP’s & Directors) that have hung on through the layoffs who quite honestly, BlackRock could live without…
If anyone of any relative importance can read this… if you are going to cut, please eliminate 4 of my 5 managers so BlackRock can save some money & I don’t have to explain the most elementary of tasks to 5 different people… that is… after they get out of another “managers meeting” which, on a side note, I assume at this point consists of a killer game of “heads up seven up”
Nevermind, I found the minutes to todays meeting:
Manager1: “OMG, do you think anyone noticed we don’t do anything?”
Manager2: Hmmm, what can we do?
Manager3: I know!!!! lets change EVERYTHING… it’ll look like we’re trying real hard and will take months, maybe years until people realize all we did was mess things up worse!!!
Manager4: GREAT IDEA!!!
Manager5: Sounds good, when can we see a draft for the outline for the new process?
Manager6: Ooooh, we better schedule more meetings…
Manager 7: Lets have an hourly meeting to talk about the planning of the next meetings…
Manager8: I think we can have a detailed draft of the outline of the process by early December…
P.S. the fridge on the 2nd floor is getting hosed on 2% milk… I mean honestly, who eats cereal with whole milk!!! We’re not animals…
I can not believe the amount of mid-level managers (VP’s & Directors) that have hung on through the layoffs who quite honestly, BlackRock could live without…
If anyone of any relative importance can read this… if you are going to cut, please eliminate 4 of my 5 managers so BlackRock can save some money & I don’t have to explain the most elementary of tasks to 5 different people… that is… after they get out of another “managers meeting” which, on a side note, I assume at this point consists of a killer game of “heads up seven up”
Nevermind, I found the minutes to todays meeting:
Manager1: “OMG, do you think anyone noticed we don’t do anything?”
Manager2: Hmmm, what can we do?
Manager3: I know!!!! lets change EVERYTHING… it’ll look like we’re trying real hard and will take months, maybe years until people realize all we did was mess things up worse!!!
Manager4: GREAT IDEA!!!
Manager5: Sounds good, when can we see a draft for the outline for the new process?
Manager6: Ooooh, we better schedule more meetings…
Manager 7: Lets have an hourly meeting to talk about the planning of the next meetings…
Manager8: I think we can have a detailed draft of the outline of the process by early December…
P.S. the fridge on the 2nd floor is getting hosed on 2% milk… I mean honestly, who eats cereal with whole milk!!! We’re not animals…
Heh. I remember that dung hole. Granted not all of BLK is a dung hole, byt a good chunk of Solutions is. #19 and #22 are spot on. There is so much deadweight in the management, it’s not even funny. There are whole BRS teams that should be snuffed and the work given to PAG analysts :-)
Heard from a member of the old executive committee that there are no plans for layoffs at any point. Also, they made a direct reference to this site and article as pure rumor.
Take that for what it is worth. It could obviously change at any point.
Obviously anyone associated with the executive committee will stay mum about anymore layoffs. Did anyone notice 2nd round layoffs at BLK failed to gain press attention? RK, LF and SW may be terrible managers but they are not stupid when it comes to the media.
LF said the November layoffs were mostly part-time employees. That’s a bald-faced lie.
bald faced? thought the saying was bold faced.
all conference rooms reserved by HR Monday
Any word on the BGI purchase?
Work more, get paid less. Culture sucks. Everyone is stressed out. Overworked. No perks. Carrot on a stick.
remind me what the carrots are for working at this place? lots of potential but this firm has just grown too fast…place is splitting apart at the seams
Ah 31, quite the opposite in AMG Princeton. Work less, get paid more, even get a promotion. Maybe there’s some steady work on the horizon but right now, lots of down time.
Any updates as to when this shiz is going down?
In which areas are these layoffs occurring? I checked online that a few areas are actually hiring, but BRS isn’t one of them so I’m thinking the cuts will happen there.
@27 it was a bold face lie that the layoffs in nov 08 were primarily part timers – most of the layoffs were people over 40 who had 10+ up to 20+ years at ml/br -
if they need to clean house – hit up equity funds and the private investors area both are full of people who have no real job functions – but i guess if your boss has cut a deal with LF you’re safe no matter what – if they want names of people that sit around all day long and “fake” working just a note and i am sure there are many folks out there that would supply the names
Just a message to anyone affected by this round (if there is a round)… I was let go in April’s round, took a very long vacation and then landed a better position closer to home. In April, hiring was abysmal, but things have definitely picked up. There are a few places hiring, BlackRock looks great on your resume and – trust me – your quality of life will greatly improve. Its nice now working for a company with colleagues who are actually friendly, and management who values a work/life balance. Good luck!
You freeze my salary. You cut my bonus. You take away my plastic utensils.
Then you go and buy BGI for 13 billion.
Go figure.
You freeze my salary. You cut my bonus. You take away my plastic utensils.
Then you go and buy BGI for 13 billion.
Go figure.
You freeze my salary. You cut my bonus. You take away my plastic utensils.
Then you go and buy BGI for 13 billion.
Go figure.
what’s everyone’s thoughts on the BGI merger?
@38 – aren’t you the lucky one – i was part of the nov 08 layoff and have not been able to find a job yet – there are jobs out there at $8 an hour – and when you have to pay health coverage it just doesn’t cut it – count your blessings that you were able to find something – if you think things have picked up you are crazy – it is the same or even worse as more and more companies are laying off and have hiring freezez
@38 – if you think blackrock looks good on your resume you are kidding – it has done nothing for me in my search for a new job -
I agree with 38′s assessment. Everyone should be begging for the severance package. The job market isn’t nearly as bad as it is being portrayed in the media. My new job is paying me my salary + plus bonus from Blacrock to start, and I have a much better quality of life. It may be hard to believe, but other companies don’t have dickhead employees who have nothing better to do but sit around the office until 8:30.
The Financial Services industry has been decimated, but there is demand for finance and accounting professionals in other industries. I was cut in April, took a two month vacation, and then immediately went on three interviews and landed a full time gig doing finanical analysis.
As for the loser who says work/life balance is for lazy people and moms? Get a life loser! The reason you work so hard is because you aren’t good at anything else, and have no personal life to speak of. Either that or you hate your wife and kids and would rather hang out with the other dorks at the office.
Blackrock is shitty place to work. The grass really is greenier at other companies. Beg for your name to be on the list Monday, travel to a place you’ve always wanted to go, and come back in a few months when you are ready to look for jobs. The life will not end on Monday, it will probably be the best thing that ever happened to you.
I agree with 38′s assessment. Everyone should be begging for the severance package. The job market isn’t nearly as bad as it is being portrayed in the media. My new job is paying me my salary + plus bonus from Blacrock to start, and I have a much better quality of life. It may be hard to believe, but other companies don’t have dickhead employees who have nothing better to do but sit around the office until 8:30.
The Financial Services industry has been decimated, but there is demand for finance and accounting professionals in other industries. I was cut in April, took a two month vacation, and then immediately went on three interviews and landed a full time gig doing finanical analysis.
As for the loser who says work/life balance is for lazy people and moms? Get a life loser! The reason you work so hard is because you aren’t good at anything else, and have no personal life to speak of. Either that or you hate your wife and kids and would rather hang out with the other dorks at the office.
Blackrock is shitty place to work. The grass really is greenier at other companies. Beg for your name to be on the list Monday, travel to a place you’ve always wanted to go, and come back in a few months when you are ready to look for jobs. The life will not end on Monday, it will probably be the best thing that ever happened to you.
I agree with 38′s assessment. Everyone should be begging for the severance package. The job market isn’t nearly as bad as it is being portrayed in the media. My new job is paying me my salary + plus bonus from Blacrock to start, and I have a much better quality of life. It may be hard to believe, but other companies don’t have dickhead employees who have nothing better to do but sit around the office until 8:30.
The Financial Services industry has been decimated, but there is demand for finance and accounting professionals in other industries. I was cut in April, took a two month vacation, and then immediately went on three interviews and landed a full time gig doing finanical analysis.
As for the loser who says work/life balance is for lazy people and moms? Get a life loser! The reason you work so hard is because you aren’t good at anything else, and have no personal life to speak of. Either that or you hate your wife and kids and would rather hang out with the other dorks at the office.
Blackrock is shitty place to work. The grass really is greenier at other companies. Beg for your name to be on the list Monday, travel to a place you’ve always wanted to go, and come back in a few months when you are ready to look for jobs. The life will not end on Monday, it will probably be the best thing that ever happened to you.
And I feel so sure about it I posted it three times.. I’m going to guess this person is a mid level accountant. Ive noticed lately that accountants have begun labeling their work – budgeting, variance analysis, consolidating entries -”financial analysis”. And I don’t doubt that there are such jobs out there. But when you’re talking higher level work, with consumate rewards and an opportunity for a bigger better future, its very rough out there at the moment. Don’t kid yourselves.
well I’ll be damn, no milk in the pantry today. If I can’t have my cheerios in the morning, then just lay me off now.
Did June layoffs ever happen? Or is it just a rumor?
Did June layoffs ever happen? Or is it just a rumor?
@46 – aren’t you the lucky one – i have been out of work for a year and cannot find anything that can pay the bills – i now work for $10 an hour because i had to take something to bring money in so count your blessings – the job market has not picked up it is still tought out there and blackrock is not a great place to work
those who think it is a great place are protected by their bosses work in a group that signed a deal when the ml/br merger happened and aren’t worried about anything – they are collecting their big bonuses and pay checks and really aren’t producing – there are still some there that do nothing and i mean nothing but look on the internet all day – if they are in the market for a new house – they are surfing the listings, if they are into sports they are playing fantasy games (SA)- some have a job and are really doing nothing (HR) cut them all
I’ll agree that Blackrock is a bad place to work (low relative pay, douchebag employees, etc)but the job market isn’t bad for professionals. You may not be able to find a perfect job, but you should be able to find something to pay the bills until good jobs begin opening up again.
Unless you are a construction worker in California, or a auto mechanic in Michigan, you SHOULD be able to find work. The blue collar workers are in much worse shape these days. Unemployment rate for college grads is around 4%?
douchebag employees
You got that right!!