BlackRock to Cut Jobs: Report

Asset manager Blackrock(BLK Quote) is cutting jobs for the first time in its 20-year history, Bloomberg reports.

Dismissal notices will be issued this week, the New York- based company said Monday in a memo to its 5,500 employees, a copy of which was obtained by Bloomberg. The number of people and positions affected weren't disclosed. A BlackRock spokeswoman said details wouldn't be made public until after the end of the year.

Last month, BlackRock said third-quarter earnings fell%, the first drop in two years, as investors pulled money from its funds.

Fidelity Investments, Janus Capital(JNS Quote), and Putnam Investments are among the money managers that plan to eliminate 3,500 positions to cope with market losses and client defections, Bloomberg reports.