Larry Fink’s BlackRock is cutting up to 500 jobs, Insider reported on Wednesday, citing a memo.

Major financial firms in the US have been forced to reduce their headcount in an attempt to cut costs, as the Federal Reserve’s aggressive interest rate hikes raised the odds of the economy tipping over into a recession.

The asset manager did not immediately respond to a Reuters request for comment.

Goldman Sachs began cutting jobs on Wednesday.


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