Larry Fink.
Ludovic Marin/AFP via Getty ImagesBlackRock will bump up all employees’ base salaries by 8%, effective in September, officials said.
“To recognize your contributions and ensure you’re sharing in our strong growth, we are increasing total compensation by raising base salaries by 8% for all active employees up to and including the Director level,” CEO Larry Fink and BlackRock COO Rob Kapito wrote the staff on Wednesday. “The increase takes effect September 1, 2021 for those actively employed as of today.”
Employees are eligible for an additional salary increase effective in early 2022.
“By investing in you, we are investing in the future of the firm,” Fink and Kapito wrote. “It’s your contributions that are making BlackRock an essential partner for our clients, a leader in our industry and a great place to work. This reflects our approach to stakeholder capitalism – when we deliver for all of our stakeholders, it benefits all of them, including our shareholders.”
Earlier, the investment-management behemoth reported that second-quarter earnings jumped 28% from a year earlier to $10.03 a share, helped by strong fee growth and revenue from technology services. Total assets stood at $9.5 trillion, up from $7.3 trillion a year earlier. BlackRock is the world’s largest investment management company.
For the second quarter, earnings climbed to $1.55 billion on revenue of $4.82 billion. In the corresponding quarter last year, BlackRock earned $1.2 billion, or $7.77 a share, with revenue of $4.39 billion.
Analysts on average had expected BlackRock to report a profit of $1.44 billion, or $9.42 a share, with revenue of $4.58 billion, according to Bloomberg.
For the second quarter, BlackRock reported that overall employee compensation was up 34%. Demand for workers around the country is heating up as the economy reopen and there are signs that wage growth is increasing.
In BlackRock’s second-quarter conference call, CFO Gary Hedlin said, “We’re hiring a little slower than we anticipated and are making sure we get the employee support to support our growth plans.”
Write to Leslie P. Norton at leslie.norton@barrons.com
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BlackRock Is Raising All Employees' Base Pay by 8%, Starting in September - Barron's
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