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Thursday, December 11, 2008

Fink: BlackRock 'Downsized' 500

by: Neil Anderson, Managing Editor

BlackRock has let 500 employees go. Reuters' Muralikumar Anantharaman reports that, at the Goldman Sachs Financial Services Conference in New York on Thursday, BlackRock chairman and CEO Larry Fink revealed that the asset manager has eliminated about 500 jobs, many part-time positions.

The cuts at BlackRock may be not a surprise to fundsters. Last month reports surfaced of BlackRock layoffs of unspecified size (see MFWire, November 18, 2008), and specific cuts in investment team and Taiwanese operations later came to light (see MFWire, November 25, 2008 and MFWire, November 28, 2008). 

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