BlackRock to cut 3 percent of its workforce in coming weeks - memo

(Reuters) - BlackRock Inc plans to cut 500 jobs, or 3 percent of its workforce, in coming weeks, according to a memo reviewed by Reuters on Thursday.

"We are always looking for ways to improve how we operate, to simplify our processes and structures, to prudently manage expenses, and to accelerate growth," said BlackRock President Rob Kapito in the memo. "The changes we are making now will help us continue to invest in our most important strategic growth opportunities for the future."

(Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and David Gregorio)