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Twitchy
twitchy.com
8 Jan 2024
Amy Curtis


NextImg:The ESG Tide Is Turning: BlackRock to Lay Off 600 Employees

BlackRock, the controversial money management firm, has announced it will lay off 600 employees in the coming days, or about 3 percent of its total workforce.

BlackRock is heavily involved in the 'environmental, social, and governance' (ESG) movement that has been sweeping corporations in recent years, too, one that made corporations adopt 'woke' and left-wing policies.

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Fox Business reports:

BlackRock, the world's largest money management firm, plans to announce layoffs in the coming days of about 3 percent of its global workforce, Fox Business has learned.

The job cuts of around 600 employees, which have yet to be reported, are being described internally as routine, according to a source familiar. Last year, BlackRock did a similar round of layoffs gauged on employee performance metrics, the source added.

Shares of BlackRock rebounded in 2023, up 6 percent after falling 21 percent in 2022. New customer money into BlackRock's solid Exchange Traded Fund business exploded last year with $187 billion of inflows into the products that follow a basket of securities and trade like stocks on major exchanges.

Oof.

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The global ESG market has been shrinking significantly in recent months, and $5 trillion in the last two years.

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While there is no confirmation the ESG division is the target of the layoffs, it would not surprise us.

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Worse than that: when the Left discovered they could use corporations to bypass the pesky Constitution when it comes to things like violating the First Amendment, etc., they went all in. DEI and ESG are part of that initiative.

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The better off we'll all be.

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This will be interesting, for sure.

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The market is the only thing booming under Biden.

But perhaps this is because people are fed up with the ESG nonsense.

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Okay, we chuckled at this.

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They all need to go away, into the trash heap of history.

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Seems an accurate assessment.

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Nature is healing, indeed.

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Couldn't have said it better ourselves, Senator.

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Exactly.

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Companies have a fiduciary responsibility to their shareholders, and that's about profits. Investing in woke things that lose money is a violation of that responsibility, and companies should be held accountable.


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