(Bloomberg) -- BlackRock Inc., the world’s biggest money manager, is cutting about 300 jobs, extending a reorganization that included the shakeup of its investment units last year.

BlackRock will reduce its workforce by less than 3 percent, with some workers leaving immediately and others over coming months, President Robert S. Kapito said today in a memo to employees. Kapito said in the memo that BlackRock will continue to hire and will probably have more employees at the end of 2013 than at the end of 2012.

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