BlackRock, a Multi-national investment manager and technology provider, announced laying off 3% of its global workforce, about 600 employees. The company is expected to cut more people by the end of 2024. According to the report by Investment Week, the company reported a 13% year-on-year profit rise; however, it witnessed a drop in assets under management due to volatile markets. As per the report by Fox News, the job cut savings will be used by BlackRock to "expand into growth businesses such as technology investing and investing in alternative products" opposing stock and bonds. Amid the announcement, the US Senator of Arkansas district said, "BlackRock failed to heed that advice and now is laying off 600 employees. ESG hurts both Americans' savings accounts and the funds managing them." Humane Layoffs: Sam Altman-Backed Startup Company Lays Off 4% of Its Employees Before Releasing Its ‘AI Pin’, Says Report.

BlackRock Layoffs Announcement, Check Offiical US Senator's Remarks:

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