Finance

BlackRock planning to cut 400 jobs: Bloomberg

The BlackRock logo is seen outside of its offices in New York January 18, 2012. REUTERS/Shannon Stapleton Thomson ReutersThe BlackRock logo is seen outside of its offices in New York

(Reuters) – BlackRock Inc , the world’s largest asset manager, is planning to cut about 400 jobs, or 3 percent of its workforce, Bloomberg reported, citing people with knowledge of the matter.

The layoffs will be announced in the coming weeks, but the firm will continue to hire in key areas and expects to end the year with a higher headcount, Bloomberg reported. (http://bloom.bg/1RyING6)

BlackRock did not immediately respond to a request for comment.

The firm had about 13,000 employees as of Dec. 31. BlackRock had hired about 800 people during 2015.

The company laid off about 300 employees in 2013 following a reorganization to refocus the New York-based firm away from growing through large acquisitions and more by attracting new clients. (http://reut.rs/1RyIrPY)

Chief Executive Laurence Fink said in January that while financial markets may get worse before they get better, his company’s decisions to invest, rather than cut costs, helped it attract money in a turbulent market.

BlackRock reported a lower-than-expected profit for the fourth quarter as costs rose 5 percent due to higher headcount, performance fees and other expenses.

The company had about $4.645 trillion in assets under management as of Dec. 31.

(Reporting by Ramkumar Iyer in Bengaluru, additional reporting by Trevor Hunnicutt in New York; Editing by Maju Samuel)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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