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BlackRock (BLK) Plans to Cut 600 Jobs, Reallocate Resources
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In an effort to streamline operations and adapt to a rapidly changing operating environment, BlackRock, Inc. (BLK - Free Report) is planning to eliminate 600 jobs. This accounts for nearly 3% of the company’s total global workforce.
Per a Reuters article, the job cuts are not focused on a single team.
Despite this elimination, BlackRock remains positive about its future growth prospects. By the end of 2024, the company expects to employ more workforce, as it plans to expand certain parts of its business.
In a memo to its staff, Larry Fink, CEO & Rob Kapito, president of BLK, wrote, “We see our industry changing faster than at any time since the founding of BlackRock. And, perhaps most profound, new technologies are poised to transform our industry – and every other industry.”
The executives further noted that the company is growing across the globe, including in Europe and Asia, as Exchange Traded Funds have become the preferred vehicle for index and active investment strategies.
Last year, BLK took similar steps to eliminate its workforce. In January 2023, it announced the layoff of nearly 2.5% or 500 of its employees. Later, in June 2023, additional job cuts, amounting to less than 1% of its staff were announced.
Over the past three months, shares of BlackRock have gained 23.6% compared with the industry’s growth of 17%.
Image Source: Zacks Investment Research
Currently, BLK carries a Zacks Rank #3 (Hold).
Stocks to Consider
A couple of better-ranked stocks from the finance space are Prospect Capital (PSEC - Free Report) and SEI Investments (SEIC - Free Report) .
PSEC’s earnings estimates for 2024 have been revised 8.1% upward over the past 60 days. In the past three months, Prospect Capital’s shares have gained 3.5%. Currently, it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for SEIC have been revised marginally north for 2023 in the past seven days. Shares of SEI Investments have rallied 8% in the past three months. The company currently carries a Zacks Rank #2 (Buy).
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BlackRock (BLK) Plans to Cut 600 Jobs, Reallocate Resources
In an effort to streamline operations and adapt to a rapidly changing operating environment, BlackRock, Inc. (BLK - Free Report) is planning to eliminate 600 jobs. This accounts for nearly 3% of the company’s total global workforce.
Per a Reuters article, the job cuts are not focused on a single team.
Despite this elimination, BlackRock remains positive about its future growth prospects. By the end of 2024, the company expects to employ more workforce, as it plans to expand certain parts of its business.
In a memo to its staff, Larry Fink, CEO & Rob Kapito, president of BLK, wrote, “We see our industry changing faster than at any time since the founding of BlackRock. And, perhaps most profound, new technologies are poised to transform our industry – and every other industry.”
The executives further noted that the company is growing across the globe, including in Europe and Asia, as Exchange Traded Funds have become the preferred vehicle for index and active investment strategies.
Last year, BLK took similar steps to eliminate its workforce. In January 2023, it announced the layoff of nearly 2.5% or 500 of its employees. Later, in June 2023, additional job cuts, amounting to less than 1% of its staff were announced.
Over the past three months, shares of BlackRock have gained 23.6% compared with the industry’s growth of 17%.
Image Source: Zacks Investment Research
Currently, BLK carries a Zacks Rank #3 (Hold).
Stocks to Consider
A couple of better-ranked stocks from the finance space are Prospect Capital (PSEC - Free Report) and SEI Investments (SEIC - Free Report) .
PSEC’s earnings estimates for 2024 have been revised 8.1% upward over the past 60 days. In the past three months, Prospect Capital’s shares have gained 3.5%. Currently, it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings estimates for SEIC have been revised marginally north for 2023 in the past seven days. Shares of SEI Investments have rallied 8% in the past three months. The company currently carries a Zacks Rank #2 (Buy).