BlackRock Announces Second Round of Job Cuts, Plans to Eliminate 300 Employees

BlackRock is cutting about 300 jobs, around 1% of its workforce, after hiring aggressively to expand into private markets. The cuts follow rounds of layoffs across Wall Street, including Morgan Stanley's 2,000 job cuts and Goldman Sachs' 3% to 5% reduction in staff. The job reductions are a result of the company's recent acquisitions, including a $12.5 billion deal for Global Infrastructure Partners and data firm Preqin Ltd.