The Blubber

Per BI

BlackRock has sent out a memo to employees detailing a new mandate requiring them to be present in the office for at least four days a week. The return to in-office work comes as the company's CEO believes there is a correlation between a more productive workforce and lower inflation.

BlackRock CEO Larry Fink told employees that starting September, employees would be required to go back to the office for four days per week. This also came as the New York-based firm had decided to relocate its headquarters.

The new BlackRock headquarters would be located in a different Manhattan location. While employees would be required to work four days a week, they would be given the option to work from home for one day out of the week.

BlackRock COO Rob Goldstein also chimed in the letter, suggesting that employees start preparing for the upcoming transition. Per the company COO, employees should start increasing their in-office days over the course of the next few months.

The new mandate would be an increase from BlackRock's previous mandate, which required employees to work in the office for three days out of the week. Last month, BlackRock CEO Larry Fink shared what employees thought of their New York office.

Sentieo, a research provider, shared a transcript of what Fink told employees.

Fink: "I must tell you, the 4,000 employees we have in New York are invigorated by our new space to light the energy, the opportunity. Hopefully, that's translating into how we do our business with our clients every day,"

In 2022, it was reported that BlackRock lost the most money by a single firm over a six-month period in July. During the first half of the year, they reportedly lost $1.7 trillion of clients' money.

By mid-March, Larry Fink warned of US regional banking risks after the collapse of SVB. During that time, the BlackRock CEO said that inflation was to persist and that rates would continue to rise.

See flow at unusualwhales.com/flow.

Other News:

• BlackRock lost the largest amount of money lost by a single firm over a six-month period.
• Blackrock CEO warns of US regional banking risks after SVB collapse saying inflation to persist and rates to rise

Resources:

Business Insider