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BlackRock to axe 300 jobs

BlackRock is set to cut up to 3 per cent of its workforce in a bid to reshape the New York-based asset manager.

According to the FT, the firm is looking to cut around 300 jobs in a bid to take a more aggressive approach to removing poor performers.

The asset manager is understood to have told employees on Monday that it wants to reshape the business as it grows.

In a memo to employees, seen by the FT, BlackRock president Rob Kapito says the firm still expects to have more employees at the end of the year despite the cuts.

A person familiar with the company said the cuts will be felt at all levels, but that no named portfolio managers or senior executives are in line to be cut. It is unclear where the cuts will take place.



Budget 13: Osborne confirms FSA fines to go to military

Chancellor George Osborne has confirmed money raised through FSA fines will be donated to the armed forces. Speaking in his Budget announcement today, Osborne said money from regulatory fines including Libor will be used to fund combat stress help initiatives and Christmas boxes given to armed troops serving abroad for the next two years. Osborne […]

Budget 13: Employers given power to pass on pension contracting-out costs

Chancellor George Osborne has confirmed the Government will introduce a statutory override to allow private sector employers to pass on the cost of losing the contracting-out rebate to employees. Giving his Budget speech today, Osborne said the Government will allow private sector employers who contracted-out to adjust pension benefits to take account of the loss […]

Advisers made average £163k profit in 2012

Adviser firms made an average net profit of £163,000 in 2012 and brought in average revenues of just over £420,000 for retail investment business. FSA figures compiled by Apfa show there was a total of 14,189 adviser firms as at September, of which 9,066 were appointed representatives and 5,123 were directly authorised. The number of […]


Origen posts £2.9m loss with £4m Aegon cash injection

Origen Financial Services has reported losses of £2.9m for 2012 and revealed a £4m cash injection from parent company Aegon. During 2012 Origen set aside £1.9m for a past business review and predicted further losses in 2013. The £2.9m loss for 2012 compares to a £3.5m loss in 2011. Alongside the £4m Aegon payment in […]

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Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


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  1. And the rot goes on!

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