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Shares of Lazard (LAZ) - Get Lazard Ltd Class A Report edged down Thursday as the firm slashed jobs in its asset-management division.

Lazard's stock eased 0.2% to $33.88 on the heels of a Wall Street Journal report that the investment-banking and financial-services firm is handing out pink slips to 7% of the staff in the division.

Lazard Asset Management employs 850 worldwide and manages $213.6 billion of assets, the WSJ reported.

As part of the cuts, Lazard will also shut down some investment funds by year's end, the paper reported.

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Lazard's decision to cut jobs comes amid an outflow of assets from its funds and increasingly fierce competition from lower-cost index funds.

Lazard reported a 2.6% drop in assets under management in August from July. Total AUM came in at $228.8 billion, down from $234.8 billion in July.