BlackRock is slashing 300 jobs, that is, at least one per cent of its workforce in the second round of layoffs at the asset-management firm this year.
It is pertinent to mention here that the investment company’s workforce had expanded by 14 per cent over the past one year following an acquisition.
Earlier this year, in February, BlackRock had announced expansion plans in India saying it intended to expand the India team to about 3,500.
The company’s two support hubs or iHubs in Mumbai and Gurugram were, at the time of the news, being expanded with an increased focus on enhancing its artificial intelligence (AI) capabilities and strengthening its presence in the fintech space. The firm was preparing to hire 1,200 people and was on the lookout for engineers and data experts who could contribute significantly to BlackRock’s technology-driven programmes and projects. It was reported at the time that the firm was also likely to acquire a global capacity centre in Bengaluru if its acquisition of Prequin, the data-providing firm materialised.
BlackRock has always appeared to be keen to leverage AI and data analytics in the field of financial services. Its India team it was reported then, would 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.
