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BlackRock is raising pay for director-level and more junior employees, following Wall Street banks (BLK)

Published by Business Insider on Wed, 14 Jul 2021

<p><img src="https://static2.businessinsider.com/image/5fffa78ffe7e140019f7edb4-2400/rtr393u1.jpg" border="0" alt="Larry Fink" data-mce-source="REUTERS/Toru Hanai" data-link="http://pictures.reuters.com/C.aspx'VP3=SearchResult&amp;VBID=2C0FCIXMPPRR5&amp;SMLS=1&amp;RW=1577&amp;RH=958#/SearchResult&amp;VBID=2C0FCIXMPPRR5&amp;SMLS=1&amp;RW=1577&amp;RH=958&amp;POPUPPN=26&amp;POPUPIID=2C0408TKT0910"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>BlackRock told employees on Wednesday morning that it would raise base pay for staffers at the director level and below by 8% as a way to reward its workforce, according to a memo seen by Insider.&nbsp;</p><p>The pay rise will go into effect on September 1, the New York-based asset management firm said in a memo to employees. It was not immediately clear if this would extend to BlackRock's global employee base or specific regions.</p><p>The firm will still follow its standard year-end compensation processes in addition to this adjustment, meaning employees can still be eligible for additional salary increases effective at the start of next year, Chief Executive Larry Fink and President Rob Kapito said in the memo to employees.&nbsp;</p><p>BlackRock's internal announcement follows months of <a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">Wall Street banks' leadership raising pay for junior employees</a> and offering them other incentives, as investment banking analysts <a href="https://www.businessinsider.com/goldman-analysts-frustrated-bump-base-raise-rivals-jpmorgan-citigroup-banking-2021-7">have spoken out</a> about their heavy workloads throughout the pandemic.&nbsp;</p><p>The money manager, which is the largest in the world, reported $9.5 trillion in assets under management in its second-quarter earnings results on Wednesdayup 30% from $7.3 trillion a year earlier. Its shares fell by 2% in pre-market trading, despite beating estimates set out by analysts polled by Refinitiv.</p><p><a href="https://www.businessinsider.com/blackrock-raises-pay-compensation-director-employees-wall-street-careers-2021-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/where-run-hide-earthquake-occurs-2017-6">Where you should go to stay safe during an earthquake</a></p>
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