Doesn't Goldman Sachs fire the bottom 5% every year? This constitutes just 3% of BlackRock's employee head count.
The key is that these cuts flow from broader restructuring efforts, not performance.
Yeah but nobody here realizes that.
BlackRock Plans to Cut About 400 Jobs in Coming Weeks
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Re: BlackRock Plans to Cut About 400 Jobs in Coming Weeks
#22As a guy who has recently started to come out of debt and starting to prepare for pension and savings, the more I learn about the financial industry the more it scares me. It seems like a zero sum game and nothing more than sophisticated gambling.
It goes beyond gambling, it's far more feudal than that. Read Michael Hudson's book "Killing the Host."