Blackrock is cutting jobs. It is also cutting pay.
The fund manager announced its results today, revealing a 20% fall in profits and a 9% reduction in pay per head.
In the first three months of the year, average compensation at Blackrock looked like this compared to the same period of 2015:
The good news is that Blackrock has already made quite a few job cuts. In Q1 2015 it had 13,000 people, now it has 12,300 – suggesting it may have overshot its redundancy program somewhat.
The other good news is that Blackrock still pays well. If its effort in the first quarter is maintained, it will reward its average staff member with $290k this year.