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BlackRock to Cut 3% of its Workforce Amidst SEC Spot Bitcoin ETF Decision

by BlockNews.com Team
January 6, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 2 mins read
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  • BlackRock plans to cut 600 jobs (3% of workforce) as part of a restructuring ahead of key decisions impacting future growth
  • BlackRock committed $2B to launch a proposed Bitcoin ETF pending SEC approval, part of its focus on digital assets
  • Outcomes of SEC decision on proposed Bitcoin ETF and upcoming earnings report on January 12 will impact BlackRock’s strategy and performance

BlackRock Inc., the world’s largest asset manager, plans to cut about 600 jobs, or 3% of its workforce. The layoffs come as the company awaits key decisions that could impact its future growth.

JUST IN: BlackRock to reduce its workforce by 3% amidst pending Spot #Bitcoin ETF approval

— BlockNews.com (@blocknewsdotcom) January 6, 2024

Impending Job Cuts Part of Restructuring

Despite the impending cuts, BlackRock continues to pursue new opportunities, especially in digital assets. The firm awaits a decision from the SEC on a proposed Bitcoin exchange-traded fund (ETF).

BlackRock Remains Focused on Digital Assets

BlackRock has committed $2 billion to launch trading for its proposed Bitcoin ETF, pending SEC approval. CEO Larry Fink has highlighted the potential of Bitcoin, calling it a “Flight to Quality.” The SEC’s decision on the proposed ETF coincides with BlackRock’s upcoming earnings report.

Earnings Report, SEC Decision Loom Large

The outcomes of the SEC decision and earnings report, expected by January 12, will likely impact BlackRock’s strategy and performance. The job cuts are part of a performance-driven restructuring as BlackRock positions itself for the future.

Tags: Bitcoin ETFblackrockcryptosec
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