- BlackRock plans to cut approximately 3% of its workforce, according to reports.
- This decision comes at a time when the US Securities and Exchange Commission could approve a spot Bitcoin ETF application.
Reports indicate that BlackRock will be reducing its staff by around 3% as the US Securities and Exchange Commission considers approving an application for a spot Bitcoin ETF. Inside sources, cited by Fox Business, revealed these plans.
Approximately 600 employees will be affected by the layoffs, according to journalists. The sources added that these cuts are being referred to as “routine” within the company.
“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,” stated Fox Business in their report.
The statement further explained that the savings resulting from these layoffs will be redirected towards business expansion, specifically growth-oriented investments in technology and alternative assets rather than traditional stocks and bonds.
It is worth noting that BlackRock recently included a ticker in their application to register a spot Bitcoin ETF.