The world’s largest money manager with $4.6 trillion under management is cutting 400 jobs—potentially its largest cut to date, Bloomberg reported citing people familiar with the matter.
New York City-based BlackRock (blk) is set to make those cuts, representing about 3% of the company’s workforce, in coming weeks—though the firm is still hiring, and is likely to have a larger staff by the end of the year.
The cuts will be made in several regions and teams, Bloomberg reported.
The asset management firm has gone through multiple reorganizations under CEO Larry Fink over the past four years. Most recently, the firm combined fundamental and scientific active equity groups. The former focuses on active management while the latter is a combination of active and quantitative strategies. In 2014, BlackRock also restructured its senior management, creating at least 10 positions for higher level employees.
In the company’s fourth quarter earnings report in January, BlackRock also noted that it was focusing on several long-term investments.
“Despite the volatile market environment, our financial resilience allowed us to make significant long-term investments in our business to position us for future growth,” Fink said in a statement. “These investments included building out capabilities in alternatives, factor-based strategies, big data and retail technology, as well as in areas like infrastructure and impact investing.”
Many other financial firms including hedge funds such as Citadel, and investment banking giants Morgan Stanley and Goldman Sachs have made cuts to their teams as a result of market volatility shaving down fees in the past few months.
Shares of the company have fallen 9,8% since their mid-2015 highs.
Meanwhile, Fink’s name has also cropped up as a Treasury Secretary candidate.
BlackRock declined to comment to Fortune.