BlackRock Layoffs: 600 jobs being cut, reallocating resources

BlackRock, the world’s largest asset manager, is cutting approximately three per cent of its workforce, or 600 jobs.

What’s happening at BlackRock?

According to news outlets, including Bloomberg, BlackRock is focused on reallocating resources amid rapid changes in asset management.

“We see our industry changing faster than at any time since the founding of BlackRock,” CEO Larry Fink and President Rob Kapito said in a recent memo to staff.

The executives added that new technologies are poised to “transform our industry — and every other industry.”

The job cuts come as the firm continues to expand around the world, including in Europe and Asia.

BlackRock Layoffs in Canada

It remains unclear if Canadian employees are affected by the latest reduction at BlackRock.

According to the company’s LinkedIn page, it has more than 270 workers in the country.

Termination agreements for BlackRock Canada employees

In Canada, non-unionized employees at BlackRock are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

If you don’t receive the correct amount, which happens often, you have been wrongfully dismissed and should take legal action.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

LEARN MORE
• Severance for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements during a recession

Major layoffs continue

BlackRock isn’t the only major employer to kick off 2024 by reducing their workforce.

Other big names, including Indigo, Discord, Google, Amazon, Twitch, Unity, and Xerox, have also pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
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• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.