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BlackRock is laying off 500 employees around the world, or about 3% of its workforce, as the world's largest asset manager grapples with "market uncertainty" and evolving "investor preferences," according to an internal memo obtained by Axios. It's unclear in which units within BlackRock the job cuts will occur.
The big picture: BlackRock and other asset managers had a tough 2018 with market volatility and pressure from lower-fee options across the industry, with shares of BlackRock falling more than 20% last year. In the memo, BlackRock President Rob Kapito said the cuts will allow the firm to continue to reinvest in high-growth markets and technology.