Asset manager

Blackrock

(BLK) - Get Report

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)

, 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.

This article was written by a staff member of TheStreet.com.