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Why BlackRock’s job cull could be first of many for fund houses

Analysts predict job cuts announced by the US asset manager are a sign of things to come across the sector

By David Ricketts
BlackRock's profit and revenue suffered double-digit falls over the period, while its share price fell 23% in 2022
BlackRock's profit and revenue suffered double-digit falls over the period, while its share price fell 23% in 2022 Photo: Getty Images

BlackRock's plan to slash 500 jobs could be the first of many to hit the sector over the coming months, with analysts warning that other fund houses will also need to axe staff following a brutal 2022.

“I don't think the announcement from BlackRock will be the last,” Kyle Sanders, an analyst with US brokerage Edward Jones who covers the firm, told Financial News.

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