BlackRock Inc Chief Financial Officer Gary Shedlin on Tuesday said his firm is freezing most hiring and reducing expenses.
The BlackRock logo is pictured outside its headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File PhotoChief Financial Officer Gary Shedlin on Tuesday said his firm is freezing most hiring and reducing expenses.
"We're trying to be a little more prudent," he said during a financial conference hosted by Goldman Sachs, adding that these measures will put BlackRock in a better position next year. BlackRock also said there were some short-term performance challenges and it needed to think about resetting expenses relative to revenues.However, it expects to see a sizeable ramp-up in performance fees from illiquid businesses in coming years.year-on-year to $7.96 billion, as a stronger dollar dampened the value of investments in Europe and Asia. Its net income also fell 17%.
Shedlin warned earlier in October, when the company announced its third-quarter results, that it had begun "to more aggressively manage the pace of certain discretionary spend."Separately, said in a letter it has sought to replace BlackRock Chief Executive Officer Larry Fink after taking a position in the asset manager.
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