When BlackRock told staff in January it was cutting 600 jobs, chief executive Larry Fink and president Rob Kapito claimed the asset management industry was “changing faster than at any time” since the New York-headquartered firm was founded in 1988.

The world’s largest fund house, which oversees $10tn, said the cuts were necessary to help it remain “agile and efficient” and allow for investment in areas offering the most growth potential.