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Major world finance firms cutting jobs amid 2019 market turmoil


The $3 trillion hedge fund market has been hit hard as performance sank and funds closed last year

This has put Asset managers and banks under pressure as volatility roils global markets and investors pile into passive, low-fee funds.

The financial industry is deploying technology across its businesses to reduce costs. Many economists have forecasted a slowdown or even a recession. Financial firms with operations in the UK could slow hiring ahead of the country’s anticipated exit from the EU.

The financial firms who have suffered setbacks include:

  • Blackrock Inc., which has cut 3% of its global workforce, or about 500 employees, the largest reduction in its headcount since 2016
  • State Street Corp., the giant custody bank and asset manager, which has started trimming its senior management ranks by 15%
  • AQR Capital Management, the quant manager, which is also cutting jobs after a dismal 2018 performance
  • Banco Santander SA’s Polish unit, which announced plans to reduce its workforce by 11%, which amount to a total of 1,400 jobs
  • Morgan Stanley dismissed some of its under-performers, with cuts occurring throughout fixed-income, equities and research divisions
  • Caixabank has contracted unions to start talks about staff cuts, reported Servimedia, citing people in the trade unions
  • Nomura, which was planning to make more European job cuts to recoup some of its losses on global financial markets, reported HRM Asia

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