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BlackRock to cut 500 jobs as Wall Street layoffs spread

Yahoo Finance Video

Yahoo Finance Live's Rachelle Akuffo reports that BlackRock will cut 500 jobs in the coming weeks as a wave of Wall Street layoffs continues.

Video Transcript

RACHELLE AKUFFO: Job cuts spreading. Asset management giant BlackRock announcing it's cutting 500 roles. This according to an internal email seen by Yahoo Finance. Now the memo cites a reallocation of assets, with the layoffs impacting around 3% of the group's workforce. BlackRock says it's vowing to, quote, "manage resources prudently." It scheduled post fourth quarter results on Friday.