BlackRock is set to cut up to 3 per cent of its workforce in a bid to reshape the New York-based asset manager.
According to the FT, the firm is looking to cut around 300 jobs in a bid to take a more aggressive approach to removing poor performers.
The asset manager is understood to have told employees on Monday that it wants to reshape the business as it grows.
In a memo to employees, seen by the FT, BlackRock president Rob Kapito says the firm still expects to have more employees at the end of the year despite the cuts.
A person familiar with the company said the cuts will be felt at all levels, but that no named portfolio managers or senior executives are in line to be cut. It is unclear where the cuts will take place.