"US Asset Managers Face Layoffs and Branch Closures Amidst Investor Safety Concerns"
US asset managers are implementing a new round of job cuts as investors seek safety amid market volatility, with firms such as BlackRock, State Street, and Invesco announcing layoffs in response to the economic downturn caused by the COVID-19 pandemic. The asset management industry has been hit hard by the crisis, as investors have pulled out billions of dollars from funds, leading to a decline in revenue and profitability.