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Blackrock cutting jobs as part of reorganization

NEW YORK (AP) -- BlackRock Inc. is cutting less than 3 percent of its workforce as part of a broader reorganization of the investment management firm.

That equates to a reduction of about 300 jobs, based on the 10,500 employees the company had as of Dec. 31.

BlackRock reorganized the firm's management structure last year. BlackRock President Rob Kapito said in a memo to company employees this week that the firm is further reorganizing the business to align with its "strategic priorities" and those moves include a reduction in its staff.

The company did not say where the cuts would be made but said in a statement that "the reshaping is global in nature and is generally proportional across regions and businesses."

Shares fell $2.42 to $252.83 in afternoon trading, in line with broader market trends. Its stock remains at the high end of its 52-week trading range of $160.25 to $257.77 and is up 22 percent so far this year.