Bloomberg reports that the BlackRock filing with the State of California indicated that 89 positions (out of more than 1,500+) were eliminated as a result of BlackRock’s integration of Barclays Global Investors. Barclays PLC had sold San Francisco-headquartered BGI to BlackRock earlier this year in a move to increase capital reserves to meet United Kingdom regulatory requirements. The formal close BlackRock’s acquisition of BGI occurred earlier this week on Monday, November 30th.
As noted in this earlier post here, BlackRock has a reputation of integrating acquisitions effectively, and instilling a same culture mindset – something which is often missing in much merger and acquisition activity.
No word on position eliminations outside of California: BGI has a substantial employee population (1,000+) in London, as well as smaller sites in Toronto, Tokyo, and Sydney.