BlackRock will reduce its workforce by about 3% amid possible approval of an application for a spot Bitcoin ETF by the US Securities and Exchange Commission. This was reported by Fox Business with a link to people familiar with the matter.
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Who will be affected by the layoffs
The layoffs will affect approximately 600 workers, journalists learned. They also said the cuts were being described internally as “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,” it said. in a report by Fox Business. Read: BlackRock has filed for a spot ETF on Ethereum
In addition, the statement said that the funds saved as a result of staff reductions will be used to expand the business, which contributes to growth, such as investing in technology, etc. called “alternative products” as opposed to stocks and bonds.
BlackRock previously added a ticker to its application for registration of a spot Bitcoin ETF.