BlackRock (BLK) is cutting 1% of its workforce as part of efforts to realign resources, Bloomberg reported Wednesday, citing an internal memo from President Rob Kapito and Chief Operating Officer Rob Goldstein.

The company last year committed more than $25 billion on acquisitions to expand its reach in private-market assets and data, the report said.

The company has more than 21,000 employees, indicating the cuts apply to about 200 people, the report said.

BlackRock didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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