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With the latest sign that large financial services groups are strengthening their flexible work policies, BlackRock is ordering senior managers to return to the office five days a week.
The world’s largest asset managers are expected to report on Thursday that around 1,000 managing directors around the world will be expected to work full-time from the office, 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 are likely to be upset among senior staff who have become accustomed to working from home one day a week, one person said.
The decision reflects the company’s desire to strengthen collaboration and ensure that the managing director is directly leading the team to provide the best service to its clients, the pair who are familiar with the plan said. More junior staff will be allowed to continue working from home one day a week.
BlackRock CEO Larry Fink has expressed concern that working from home previously could erode corporate culture and repeat rival Wall Street bosses who are eager to see their teams return on trading floors and on the offices with clients.
Asset managers have joined other large US financial services groups such as JPMorgan to reduce flexible working policies, and US banks have already directed their managing directors to return to their offices five days a week. Many major banks, including Goldman Sachs, also told staff to stay in their offices a week.
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BlackRock has approximately 22,000 employees in over 30 countries, with 11.6TN assets under management.
