Financial news agency Bloomberg plans to cut about 100 jobs in its editorial division, the New York Post reported.

The announcement could come as soon as Labor Day in early September, the Post said, citing sources.

Many of the layoffs will affect political and government reporters in New York and Washington, D.C, the newspaper said.

Bloomberg employs more than 2,400 in its news division, according to its website.

Michael Bloomberg, the former mayor of New York City, is looking to "cut the fat," an "insider" told the Post.

A spokeswoman for Bloomberg declined to comment.