BlackRock (BLK) told staff in a memo that it is cutting approximately 1% of its headcount after it committed over $25B on acquisitions last year to expand its reach in private-market assets and data, Bloomberg’s Silla Brush and Aaron Kirchfeld report. The layoffs are part of the company’s efforts to realign its resources with the firm’s strategy, the authors say, citing comments from president Rob Kapito and COO Rob Goldstein in the memo.
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