American investment manager BlackRock is planning to shed about 400 jobs, which is considered to be its biggest round of redundancies ever.
According to media reports, the reductions, which equate to nearly 3% of the firm’s total workforce of 13,000, will be implemented in the coming weeks.
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However, the money manager will continue to hire people in key areas, with an aim to end the year with a higher headcount.
In a memo to employees, BlackRock said that the layoffs have not yet been finalised and that the affected employees will be treated fairly.
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