Global hiring freeze for BlackRock

The world's largest asset manager has instituted a global hiring freeze amid the COVID-19 pandemic.

"Right now, we are focused on serving our clients and making sure our people are safe, supported and productive as possible," a spokesperson for BlackRock said.

"As a result, we have paused making new offers.  Long term, we believe that rapid industry and market change will create new opportunities for our clients and BlackRock."

BlackRock had US $7.4 trillion in assets under management in December; it is not clear how much of that was wiped in the recent market selloff.

BlackRock has 16,200 employees across 30 countries.

A source told Reuters that the hiring freeze would likely last for a few weeks.

A recent National Australia Bank market research note said unemployment is likely to continue to rise following the COVID-19 pandemic and subsequent shutdown.

"More recent anecdotes suggest most firms have implemented hiring freezes and job losses are being reported in the hospitality and tourism industries," the note said.

Lines outside Centrelink offices have already appeared as hundreds of thousands of people employed in hospitality and travel saw their industries shuttered as the government attempts to control the spread of the virus in Australia.

Meanwhile, ANZ chief executive Shayne Elliot took to LinkedIn Live to say ANZ is hiring to meet the extra demand brought about by those experiencing financial hardship.

The bank moved 150 staff to its hardship division and is hiring more.

Commonwealth Bank is also hiring for face-to-face customer service positions and phone-based customer service positions.

The bank has specifically committed to supporting those in the aviation industry whose employment has been impacted by COVID-19, urging them to apply for the available roles.

Read our full COVID-19 news coverage and analysis here.

Read more: BlackRockANZCommonwealth BankNational Australia Bank
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