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Thursday, March 02, 2017

An Asset Management Titan Trims Bonuses

News summary by MFWire's editors

Larry Fink's giant asset manager has trimmed bonuses for its employees.

Larry Fink
BlackRock
Chairman and CEO
For 2016 New York City-based BlackRock [profile] reduced annual employee bonuses by two to four percent on average, Sabrina Willmer of Bloomberg reports, citing an unnamed source. The news service notes that publicly-traded BlackRock, the world's largest asset manager, last made such a cut in bonuses in 2011. In 2015, Bloomberg points out, BlackRock held bonuses flat.

A BlackRock spokesman declined to comment for the Bloomberg story.

News of BlackRock's bonuses cuts comes a day after another huge asset manager, privately-held Fidelity, unveiled a first-of-its-kind-for-Fidelity buyout offer to employees who are at least 55 years old and have at least 10 years of service with Fidelity, about 3,000 employees in total (about 6.7 percent of Fidelity's 45,000 employees worldwide). News of the Fido buyout offer broke on Monday. 

Edited by: Neil Anderson, Managing Editor


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