BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Walmart Lays Off and Relocates Hundreds of Corporate Employees
Walmart is undergoing significant corporate restructuring, resulting in the layoff and relocation of hundreds of its corporate employees across the country. The move aims to consolidate the workforce at its new headquarters in Bentonville, Arkansas, and bring more employees back to the office post-pandemic.
In a memo sent to employees, Chief People Officer Donna Morris outlined the changes, explaining that the majority of remote workers and those based in Dallas, Atlanta, and Toronto will be asked to relocate. While most will move to Bentonville, some will relocate to offices in the San Francisco Bay Area or Hoboken, New Jersey.
Layoffs and Office Relocations:
The restructuring will affect several hundred campus roles, with the company emphasizing its commitment to support the affected employees. The layoffs are part of a broader effort to streamline operations and cut costs. Recently, Walmart announced the closure of 51 health clinics across several states, citing financial unsustainability.
New Headquarters in Bentonville:
Walmart is developing a nearly 350-acre campus in Bentonville, featuring 12 office buildings, parking lots, a hotel, and other amenities. This major development aims to centralize operations and enhance collaboration among employees. The first few buildings, including a fitness center and a day care, have already opened.
Memo from Chief People Officer Donna Morris:
Donna Morris highlighted the importance of in-person collaboration and the benefits of being together in an office environment. She emphasized that the relocations are designed to strengthen Walmart's culture and help the company innovate and move faster.
Walmart, the largest private employer in the U.S. with about 1.6 million employees, continues to adapt its workforce strategies to meet evolving business needs.
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