BlackRock may never bring 100% of staff to office after coronavirus
'I really am worried about this whole idea of culture': Fink
BlackRock Inc. may never fully return to its pre-coronavirus routine after measures to prevent the disease's spread forced employees to work from home, according to CEO Larry Fink.
It's unlikely the multitrillion-dollar asset manager's staff will ever be "100% back in office,” Fink said Thursday at the Morningstar Investment Conference, according to CNBC. “I actually believe maybe 60% or 70%, and maybe that’s a rotation of people.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLK | BLACKROCK INC. | 1,028.16 | -21.55 | -2.05% |
The work-from-home environment doesn’t seem to have had much of an impact on the company’s business as employees were holding meetings via video conferencing ahead of the pandemic.
The firm raked in $100 billion of assets during the three months through June, raising its total assets under management to $7.32 trillion. BlackRock is the world’s largest asset manager.
Fink, however, is worried about the impact on the company’s culture. Consistently ranked as one of the best places to work, BlackRock reopened its New York office on July 20, but said employees have the option to work remotely for the rest of the year.
“Through technology we’ve been operating really well, really efficiently,” Fink said. “But I really am worried about this whole idea of culture. How long can you keep that culture together?”
Other financial services are also attempting to get their in-office operations back up to speed.
JPMorgan Chase & Co. last week told senior traders in New York and London that they must return to the office by Sept. 21 only to send them home days later after an employee tested positive for COVID-19.
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Goldman Sachs Group, meanwhile is in the process of implementing a rotational schedule to safely return key employees to the office.