(Bloomberg) -- BlackRock, the world's largest money manager, reduced annual employee bonuses by an average of 2% to 4% for last year, the first such cut since 2011, a person with knowledge of the matter said.

Bonuses were flat overall a year earlier, according to people briefed on the matter, who asked not to be identified because the information is private. Payouts vary with each individual and group depending on performance.

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