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World's biggest fund manager cuts 3% of workforce


BlackRock oversees $6.4 trillion in assets under management.

BlackRock oversees $6.4 trillion in assets under management.

BlackRock Inc, the largest fund manager in the world, plans to cut 500 jobs, or 3 percent of its workforce, in coming weeks, according to a memo reviewed by Reuters on Thursday.

"We are always looking for ways to improve how we operate, to simplify our processes and structures, to prudently manage expenses, and to accelerate growth," said BlackRock President Rob Kapito in the memo. "The changes we are making now will help us continue to invest in our most important strategic growth opportunities for the future."

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