Blackrock Will Lay Off 3% of Its Workforce

BlackRock Inc. ( BLK ), the world's largest money manager, said in an internal memo Monday that it was laying off about 3% of its workforce, or about 300 people, as a result of a company restructuring.

"We are reshaping the organization by shifting certain responsibilities and moving some roles to different locations or areas of the business," said President Rob Kapito in the internal memo, which was provided by the company.

Some employees will be leaving immediately and some over a transition period in the coming weeks and months, Mr. Kapito said in the memo. BlackRock had 10,500 employees world-wide at the end of 2012.

Write to Kirsten Grind at kirsten.grind@wsj.com

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