Blackrock May Never Bring 100% of Staff to Office After Coronavirus

BLACKROCK · Published 23 hours ago BlackRock may never bring 100% of staff to office after coronavirus

'I really am worried about this whole idea of culture': Fink

By Jonathan Garber FOXBusiness

Some bank jobs may work from home indefinitely: Report FOX Business' Charlie Gasparino says banks are telling personnel that nonessential New York City staff could be working from home well into 2021, and UBS brokers have reportedly been alerted they may not return until April 2021.

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 oce,” 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.”

Stock Symbol BLK

Stock Name BLACKROCK INC.

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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 rm 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 oce 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 eciently,” Fink said. “But I really am worried about this whole idea of culture. How long can you keep that culture together?”

Other nancial services are also attempting to get their in-oce operations back up to speed.

JPMorgan Chase & Co. last week told senior traders in New York and London that they must return to the oce 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 oce.

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