BlackRock spokeswoman Bobbie Collins said the firm would not disclose the cuts until early 2009.
Echoing sentiments expressed by other companies making cuts, Collins said: Times like these require fiscal discipline. We expect it of the companies in which we invest, and we must expect it of ourselves.
In the memo, BlackRock told employees a similar story: A wide variety of businesses across industries and regions have reported weak third-quarter results and even weaker expectations for fourth-quarter 2008 and for 2009. BlackRock is not immune.
The firms third-quarter earnings fell 15%, the first quarterly decline in two years, and assets fell 12% to $1.26 trillion.
On the bright side, however, BlackRock CEO Laurence Fink recently said he believes the market is reaching a capitulation and should rebound by the middle of next year.
So far this year, the Standard & Poors 500 Index is down 42%, financial firms have posted $966 billion in credit-related losses, and 166,000 jobs have been cut at banks and brokerage firms.