(Bloomberg) -- BlackRock plans to cut about 400 jobs in what may be the biggest round of layoffs to date at the world’s largest money manager, according to people with knowledge of the matter.

The reductions, equal to about 3% of the firm’s 13,000 employees, will be announced in the coming weeks, said the people, who asked not to be identified because they weren’t authorized to speak. Despite the cuts, the firm will continue to invest and hire in key areas and expects to end the year with a higher headcount, according to one person.

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