(Bloomberg) -- Pimco cut its workforce by 68 people, or about 3%, and is offering buyouts as assets under management have fallen in recent years, according to a memo obtained by Bloomberg.

"Like any responsible business, Pimco constantly adjusts its resources to capitalize on changing markets and investment opportunities for clients," spokesman Michael Reid said in an e-mailed statement. "Our current business plans will reduce expenses in some areas while, of course, ensuring investment and hiring in others."

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