We're told that BlackRock will be laying off employees over the next couple weeks, prior to announcing earnings on April 14. The cuts will be across the board in terms of divisions and at all levels of seniority. They're expected to affect 3% of employees, or around 400 people. A source familiar with the matter says that the cuts may be slightly deeper in the iShares group. We're also told that despite the upcoming layoffs, the firm expects to have a higher headcount by the end of the year which, y'know, probably isn't what people about to get cut want to hear. The last time BlockRock did a round of cuts of this size was in March 2013. News of the layoffs started circulating within the company on Monday.
Layoffs Watch '16: Credit Suisse Plans "Significant" Cuts
So...that's not great.
Layoffs Watch '16: Macquarie Capital Said To Be Planning Investment Banking Cuts
So that's unfortunate.
Layoffs Watch '16: BNP Cutting Investment Bankers But It's Okay
The French are also *hiring*.
Layoffs Watch '16: Pershing Square Cuts Employees, But Not Because Of Performance Or Anything
Don't put this on Herbalife. Or Valeant. Or Brexit.