BlackRock is planning to cut 500 jobs worldwide, the company has said in an internal memo, according to reports.
The memo, which was first seen by Business Insider, came from CEO Larry Fink and president Rob Kapito.
"This week, after meaningful headcount growth in recent years, we are making some changes to the size and shape of our workforce," the memo said on Wednesday (11 January).
"As a result of these steps, about 500 (or less than 3%) of our colleagues will be leaving BlackRock as we reallocate resources to our most critical growth opportunities."
The firm's headcount had grown 22% in the last three years and 8% in 2022.
BlackRock has a workforce of almost 20,000. Last year, the firm announced it would pause discretionary hiring after it reported a drop in profits and assets under management.
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The memo cited the fall in markets throughout the last year across bonds and equities, adding that the firm and its clients "continue to contend with volatility".
"The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Fink and Kapito wrote.
At the end of September, it had nearly $8trn in assets under management, a fall of about 16% from a year earlier.
The company is due to report its fourth quarter results tomorrow (13 January).
BlackRock has been contacted for comment.
