BlackRock Finance layoffs, on the record
Every job cut, severance charge and restructuring BlackRock Finance reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 18,400 to approximately 19,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 18,400 | — |
| 10-K for 2022 | approximately 19,800 | — |
| 10-K for 2023 | approximately 19,800 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryRecorded a restructuring charge from an initiative to modify the size and shape of the workforce to align more closely with strategic priorities.
Word for word“A restructuring charge of $ 91 million ($ 69 million after-tax), comprised of $ 58 million of severance and $ 33 million of expense related to the accelerated amortization of previously granted stock-based compensation awards, was recorded in the fourth quarter of 2022 in connection with an initiative to modify the size and shape of the workforce to align more closely with strategic priorities.” 10-K for 2022
Our summaryIn the fourth quarter of 2023 the company recorded a restructuring charge, made up of severance and accelerated vesting of deferred compensation awards, to reorganize specific platforms, mainly Aladdin and illiquid alternative investments.
Word for word“In the fourth quarter of 2023, a restructuring charge of $ 61 million ($ 46 million after-tax), comprised of $ 47 million of severance and $ 14 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and illiquid alternative investments.” 10-K for 2023
Our summaryIn the fourth quarter of 2022 the company recorded a restructuring charge, made up of severance and accelerated amortization of stock-based awards, to change the size and shape of its workforce to fit strategic priorities.
Word for word“In the fourth quarter of 2022, a restructuring charge of $ 91 million ($ 69 million after-tax), comprised of $ 58 million of severance and $ 33 million of expense related to the accelerated amortization of previously granted stock-based compensation awards, was recorded in connection with an initiative to modify the size and shape of the workforce to align more closely with strategic priorities.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $76 million | $44 million |
| 2017-12-31 | $0 | $4 million |
| 2018-12-31 | $60 million | — |
| 2019-12-31 | — | $53 million |
| 2020-12-31 | $0 | — |
| 2021-12-31 | $0 | — |
| 2022-12-31 | $91 million | — |
| 2023-12-31 | $61 million | $58 million |
BlackRock Finance has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from BlackRock Finance’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-23. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.