Re: today's news of the firm's plan to cut 3% of employees:
To: All employees
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