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Memo: BlackRock Says Those Affected By Layoffs Will Be "Treated Fairly And With Respect"

So that's nice for them.
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Re: today's news of the firm's plan to cut 3% of employees:

Executive Communication

To: All employees

Dear colleagues,

You may have seen speculation in the media regarding potential role eliminations at BlackRock.

Being a global leader requires that we continually re-assess our organization to look for ways to serve clients better, operate more efficiently, focus resources on strategic priorities and create new opportunities for our strongest employees. This is especially critical when markets are uncertain.

Over the past three years, we have grown our employee base by more than 20%, or about 2,500 people, to support improvements in client service, technology and enhanced alpha generation. Now, while continuing to invest for growth, we are working on steps to increase our efficiency, and streamline and simplify areas of the organization.

While these steps have not been finalized, those affected by these changes will be treated fairly and with respect. We will communicate with you when these plans are finalized in the coming weeks.

We greatly appreciate the contribution that every employee at BlackRock is making and always seek to manage the organization in the best interests of our people, clients and shareholders.

Rob Kapito, President
Rob Goldstein, Chief Operating Officer

Earlier: Layoffs Watch ’16: BlackRock Planning To Cut 3% Of Global Headcount


Brian Moynihan: There Will Be Layoffs

He's not sure who and he's not sure how (many), but apparently cuts are a comin' in 2016.

Layoffs Watch '15: RBS CEO Can't Give An Exact Number For Investment Bank Job But Sure, The Term 'Massacre' Would Be Fairly Accurate

He will absolutely not confirm the 14,000 out of 18,000 figure at this time but he will say visions of a bloodbath are representative of how things are going to play out.

Layoffs Watch '12: RBS

Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the "exits," quite a bit of progress has already been made.) Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said...The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said. Royal Bank Of Scotland Cuts 300 More Jobs At Investment Bank [Bloomberg] RBS Markets Investor Roundtable [RBS]