BlackRock to Cut 3% of Global Workforce

BlackRock is reducing its workforce by 3%, affecting 500 employees, due to market uncertainty and business pressures. This move, last seen in 2016, is part of a broader trend among asset managers facing fee pressure and competition. Other firms like State Street are also making cuts. The stock performance has been poor, and this reduction might be an attempt to boost investor confidence. The industry is seeing shifts towards automation and passive investing, which could lead to further changes.

What impact does market uncertainty have on asset managers like Black Rock?

What other company was mentioned as also making workforce cuts?