American asset manager BlackRock has announced 300 jobs-cuts, or the reduction of approximately 3% of its workforce, as a means of "retrenching its poor performers".
The company has said at it wants to reshape its business as it grew, in sharp contrast to the pay and staff cuts at Wall Street banks in response to lower trading revenues and regulatory restrictions on previously profitable businesses.
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BlackRock president, Rob Kapito, said: "Even with these latest changes, we expect to have more employees at year-end than we do today."
Kapito also added that since the start of 2010, shortly after the group completed the purchase of Barclays Global Investors, it grew by more than 1,500 employees, or 18%.
Though BlackRock has cut staff before, the preset decision is the first time it has adopted a company-wide approach to cull weak performers.
Kapito further added that those set to leave BlackRock "will be treated fairly and with respect".
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