BlackRock (BLK) To Cut Employees This Week

BlackRock (NYSE: BLK) will cut jobs this week as the difficult financial environment is having a negative impact on the company. It is reported that these are the first layoffs for BlackRock since Laurence Fink too office.

"Expense policies and business practices will be tightened. However, it was not possible to reduce costs and achieve re-engineering efficiencies to the extent necessary without considering cuts in staffing. Some positions across the firm will be eliminated," BlackRock said in a memo to employees.

Details on the number of jobs to be eliminated was not disclosed.

In addition to money-manager BlackRock making cuts, Janus Capital (NYSE: JNS), Fidelity Investments, Legg Mason (NYSE: LM) and Putnam Investments have also laid off employees.

BlackRock, Inc. (BlackRock) operates as an investment management firm in the United States.

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