BlackRock is to cut 400 jobs in the coming weeks as the asset manager redirects resources to growing areas of the business.
The reductions at the £3.1trn money manager equal around 3 per cent of the firm’s 13,000 employees. The firm is expected to announce details of the cuts over the coming weeks.
It is understood the cuts will be evenly split across the regions and a range of business areas. However, it remains unclear how the UK business will be affected.
BlackRock declined to comment.
This is not the first time the fund manager has moved to reduce staff numbers. In 2013, some 300 employees lost their jobs after a shake-up in the investment units at the firm.
Since 2013 headcount has increased by around 2,500.