BlackRock is set to reduce its workforce by some 3%, cutting around 400 jobs, according to reports.
According to sources quoted by Bloomberg and The Wall Street Journal, the world's biggest asset manager is set to embark on the largest round of layoffs in its history in the next few weeks.
The reduction in workforce will amount to around 3% of its existing 13,000 employees.
However, the sources said the firm still intends to continue expanding and hiring personnel in key areas, and plans to finish 2016 with a larger headcount.
According to the news agency, the reason for the cuts is to redirect resourced to growth areas such as ETFs, alternatives and infrastructure.
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Bloomberg also cites an internal memo to employees saying the cuts had not yet been finalised, but all affected employees will be treated fairly and with respect.
The last time the group embarked on a round of job cuts was 2013. The latest reduction in staff number follows months of volatile markets, which have had a negative impact on earnings.
BlackRock declined to comment.
