BlackRock to restructure after 'tough' first quarter

BlackRock Inc said on Thursday it will cut 400 jobs and take a $76 million restructuring charge after posting a 20 percent drop in first-quarter profit amid a dramatic reversal in financial markets. The world's largest asset manager's investment performance stumbled and its net inflows, albeit still tens of billions of dollars last quarter, fell as U.S. markets marked a rough start to the year. "We did have a tough quarter," BlackRock Chief Executive Officer Larry Fink told Reuters.