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Report: BlackRock to cut 400 jobs

BlackRock Inc.is expected to announce layoffs of about 400 people in the coming weeks, Bloombergreported March 30.

According to "people with knowledge of the matter,"the job cuts will represent about 3% of the company's workforce. Even so, BlackRockexpects to end 2016 with a higher headcount than at the start of the year, one ofthe people said.

In 2013, the asset manager cut about 300 jobs.