BlackRock will cut approximately 600 employees

Media reports that BlackRock will cut approximately 3% of its employees. The staff reduction will occur in connection with the possible approval of the application for a Bitcoin ETF.

BlackRock will reduce its workforce by about 3% amid the possible approval of an application for a spot Bitcoin ETF by the US Securities and Exchange Commission. This was reported by Fox Business , citing people familiar with the matter.

The layoffs will affect approximately 600 workers, journalists learned. They also said that within the company the cuts are called “routine.”

“One possible driver for the layoffs is that BlackRock, after years of rapid growth in assets under management, is entering a more mature phase of its business,” Fox Business said in a report.

In addition, the statement said, the savings from the workforce reductions will be used to expand the business to support growth, such as investing in technology and so-called “alternatives” as opposed to stocks and bonds.

Let us remind you that BlackRock previously added a ticker to the application for registration of a spot Bitcoin ETF.