BlackRock’s senior executives will work five days a weeks in the office

BlackRock, the world’s biggest asset manager, has instructed its senior staff members to return to work five days a weeks.

Media sources familiar with BlackRock’s plans said that around 1,000 managing directors worldwide will be expected work full-time from their offices. BlackRock has not yet commented on these stories.

In 2023, the New York-based financial giant tightened rules regarding office attendance. Staff must now attend four days per week. Sources say that the new move will upset staff who are used to working at home one day per week.

According to those familiar with the plan, the decision was made to improve collaboration and ensure that the managing directors lead teams personally to better serve their clients.

Larry Fin, BlackRock’s chief executive has warned previously that working from home can erode corporate cultures, echoing Wall Street bosses eager to get their teams back in the trading floor and their offices, with their clients.

Asset manager JPMorgan has also tightened its flexible work policies. The US bank had already instructed its managing directors that they should return to the office at least five days per week. Goldman Sachs and other large banks have told their staff to work during the week.

Since the pandemic ended, many companies have kept some flexibility in their working hours. However, some of the largest companies, such as Amazon, have asked staff to come back to work five days per week.

BlackRock employs approximately 22,000 people in more than 30 countries, and manages $11.6tn of assets.

LinkedIn, a professional networking platform, found that 72% of people are happy to attend their workplace if they think it will be meaningful. However 50% do not want any more mandatory office hours.

Overall, the research showed that workers agreed in-person collaboration could be beneficial for building stronger relationships (45%), increasing engagement in meetings (43%), and speeding decision-making (36%).

Gartner, for example, has warned companies against the recruitment risks of imposing more strict return-to office mandates. According to its own research, 64% of candidates preferred to work remotely for at least 50%.

According to a study conducted by BSI in conjunction with the think tank ResPublica, young workers who began working after the pandemic are expecting to earn more money for working full-time at the office.

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