BlackRock to Cut Jobs: Report
Asset manager
Blackrock
(BLK) - Get BlackRock Inc. Report
is cutting jobs for the first time in its 20-year history,
Bloomberg
reports.
Dismissal notices will be issued this week, the New York- based company said Monday in a memo to its 5,500 employees, a copy of which was obtained by
Bloomberg
. The number of people and positions affected weren't disclosed. A BlackRock spokeswoman said details wouldn't be made public until after the end of the year.
Last month, BlackRock said third-quarter earnings fell%, the first drop in two years, as investors pulled money from its funds.
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Fidelity Investments
,
Janus Capital
(JNS)
, and
Putnam Investments
are among the money managers that plan to eliminate 3,500 positions to cope with market losses and client defections,
Bloomberg
reports.
This article was written by a staff member of TheStreet.com.
