BlackRock hikes wages by 8 per cent
BlackRock is set to provide its employees an ‘off-cycle’ salary hike. The world’s largest asset manager plans to boost pay by 8 per cent.
“Your initiative, commitment and teamwork helped ensure that through the pandemic we supported our clients,” Chief Executive Officer Larry Fink and President Rob Kapito said.
The company is the latest finance giant to increase salaries following a crisis among younger workers. In recent months, a range of banks have boosted pay for particularly junior employees as well as well as offering them incentives, as investment banking analysts have opened up about their intense work through the pandemic.
The money manager reported $9.5tn in assets under management in its second-quarter earnings results on Wednesday.
There was a 2 per cent drop in shares in pre-market trading, despite beating estimates set out by analysts.