BlackRock ordered senior managers to return to the office five days a week to take the latest signs that large financial services groups are tightening their flexible working policies.
The world's largest asset manager was the first to tell employees on Thursday that about 1,000 boards around the world will work full-time, according to two people familiar with the plan. BlackRock declined to comment.
New York-based BlackRock strengthened its office attendance rules in 2023, requiring staff to attend at least four days a week. But the latest moves could lead to frustration among some senior employees who are used to working from home one day a week, one of the people said.
The second person familiar with the program said the decision reflects the company’s desire to strengthen cooperation and ensures that the chairman is the leadership team to best serve customers. One day a week, more junior staff will be allowed to continue working from home.
Blackrock CEO Larry Fink has previously expressed concern that working from home can erode corporate culture, responding to rival Wall Street bosses who are eager to see their team return to the deal floor and be in the office with clients.
Asset managers join other large financial services groups, such as JPMorgan Chase, to reduce flexible work policies, and Bank of America has told its managing director to return to the office five days a week. Several major banks, including Goldman Sachs, also told employees to be in the office within a week.
Many companies have retained some flexible work arrangements since the pandemic, but some of the world's largest companies, including Amazon, have ordered employees to return to their offices five days a week.
BlackRock employs approximately 22,000 employees in more than 30 countries and has $1.16 billion in assets under management.
Fink orders board directors to return to the office as BlackRock integrates last year's acquisition frenzy -
Diversify your business by expanding its share in the business
Rapid growth and profitable markets of private assets.
The $12.5 billion purchase of asset managers for global infrastructure partners makes it the world's second largest private infrastructure asset manager. It also bought the UK private market data group Preqin for £25.5 billion, and private credit manager HPS Investment Partners for a contract of $1.2 billion.
In the first three months of this year, BlackRock reported a slowdown
Inflows after two record quarters. Fink said at the time
Anxiety about the market is dominating conversations with customers.
In the tariff war of US President Donald Trump.