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BlackRock layoffs coming as firm matures, ESG pullback and Bitcoin ETF approval

BlackRock, the world's largest money management firm, plans to announce layoffs in the coming days of about 3 percent of its global workforce, Fox Business has learned. The job cuts of around 600 employees, which have yet to be reported, are being described internally as routine, according to a source familiar. Last year, BlackRock did a similar round of layoffs gauged on employee performance metrics, the source added. Shares of BlackRock rebounded in 2023, up 6 percent after falling 21 percent in 2022. On Wednesday, BlackRock is expecting approval from the Securities and Exchange Commission for its new Bitcoin "spot" ETF.

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