BlackRock, the world’s largest asset management firm, is reportedly planning to reduce its global workforce by about 3% ahead of the expected approval of its spot Bitcoin ETF application. Approximately 600 employees are expected to be affected by the layoffs, which have not been officially announced yet, according to a source familiar with the matter as reported by Fox Business.
This strategic move comes just before the US Securities and Exchange Commission (SEC) is expected to make a decision on spot Bitcoin ETF applications from BlackRock and other large asset managers in the US. The job cuts, which BlackRock describes as “routine”, follow a similar round of layoffs in the previous year based on “employee performance metrics”.
