Business

Money manager BlackRock to cut 3% of workforce: reports

A man walks into BlackRock's New York office Image copyright Getty Images
Image caption BlackRock oversees more than $4.6tn making it the world's biggest money manager

The world's largest money manager BlackRock reportedly plans to cut 400 jobs, or about 3% of its workforce, in its biggest round of layoffs to date.

The layoffs will be announced in the coming weeks, according to unnamed sources who spoke to Bloomberg News and the Wall Street Journal.

A memo from BlackRock's president Rob Kapito and chief operating officer Rob Goldstein said the job cuts have not been finalised.

BlackRock declined to comment.

The last time BlackRock cut a significant number of jobs was in 2013 but the firm ended the year with a higher headcount.

The new round of layoffs comes following months of volatility in the financial markets, which has negatively impacted the income made by traditional banks and other investment houses.

Rivals like Franklin Resources, AllianceBernstein and State Street are also shedding jobs as part of their cost-cutting efforts.

BlackRock has 13,000 employees globally and manages around $4.6tn in assets.