BlackRock to slash hundreds of jobs — latest Wall Street biz to kick off 2026 with firings

BlackRock is reportedly slashing hundreds of jobs across the company, making it the latest Wall Street giant to start the New Year with sweeping layoffs.

The world’s largest asset manager plans to cut 250 jobs, or roughly 1% of its global headcount, across its investment and sales teams, sources familiar with the matter told Bloomberg. 

It’s unclear when the layoffs may take place or what is the driving force behind them, though rival banks and asset managers have linked job cuts at their own businesses to restructuring, cost-cutting, artificial intelligence and economic uncertainty.

CitiGroup is set to axe about 1,000 jobs this week and UBS Group AG is planning a round of layoffs this month, with another round later this year, according to Bloomberg.

A BlackRock spokesperson cast the company’s layoffs as a bid to become more efficient.

“Improving BlackRock is a constant priority,” the spokesperson told Bloomberg. “Each year, we make decisions to ensure that our resources are aligned with our objectives and that we are well positioned to serve clients today and in the future.”

Shares in the asset management firm – which recorded roughly $13.5 trillion in assets at the end of September – fell roughly 1% Tuesday. 

BlackRock declined to comment to The Post.

The company, which has about 24,600 employees, led two rounds of layoffs last year, each time slashing roughly 1% of its workforce.

BlackRock CEO Larry Fink has been looking to lead the company deeper into alternative investments.

The firm closed a $12 billion acquisition of alternative credit manager HPS Investment Partners in July. Since then, it has been integrating new executives and readying a new range of funds for investors.

In its 2026 annual report, BlackRock said it will focus on investment themes such as artificial intelligence, income and diversification. 

“The first is really what are the biggest growth opportunities in the market today,” Jay Jacobs, BlackRock’s head of equity exchange-traded funds, told CNBC’s “ETF Edge” last week. 

“Where you have to get laser focused to try and find some of these targeted exposures, like artificial intelligence, that could do very well in this environment.”

The firm still sees artificial intelligence as a long-term, capital intensive investment cycle, and doesn’t believe it’s dying down anytime soon, Jacobs said.

BlackRock is one of the few companies that offers specialized AI-focused funds, like its Tech Active ETF that has amassed more than $8 billion in assets.

Income is another major focus this year because BlackRock expects the Federal Reserve to slash interest rates again, a move that would pressure yields on cash investments, Jacobs said.

Diversification is the third focus in BlackRock’s annual report because investors are looking for new assets. 

“Where can you really get diversification for your portfolio?” he told CNBC. “Something that’s going to behave differently from stocks and bonds.”

The company is set to report its fourth-quarter earnings on Thursday.