If BlackRock’s expansion plans in India progress as expected, the asset-management firm’s Indian workforce will grow to about 3,500.
The company’s two support hubs or iHubs in Mumbai and Gurugram are being expanded with an increased focus on enhancing its artificial intelligence (AI) capabilities and strengthening its presence in the fintech space.
The firm is gearing to hire 1,200 people and is on the lookout for engineers and data experts who can contribute significantly to BlackRock’s technology-driven programmes and projects. It is reported that the firm is also likely to acquire a global capacity centre in Bengaluru if its acquisition of Prequin, the data-providing firm materialises.
The centre has the capacity to accommodate 1,500 people.
BlackRock is clearly keen to leverage AI and data analytics in the field of financial services. Its India team will be tasked with coming up with cutting-edge solutions that will make it a global leader in the field of asset management. It is dependent on India for innovative and tech support on its growth journey.
In January 2024 BlackRock had announced plans to reduce its 20,000-strong workforce by 600 employees. That is, three per cent of its team was rendered jobless amidst the firm’s attempts at reallocation of resources. A year before that, in January 2023 too it had let to 500 people.
In July 2023, BlackRock had joined forces with the financial services arm of Jio. At the time of the announcement, BlackRock and Jio Financial Services, each planned to invest up to $150 million in the 50-50 venture.
