It sounds like Blackrock has a hiring freeze
If you want to work for BlackRock, you may need to bide your time. Yesterday's results from BlackRock were less than stellar after assets under management fell 16%. With this in mind, the firm is putting the brakes on hiring.
Speaking during BlackRock's quarterly earnings call, CFO Gary Shedlin discussed the firm's plans for growth, claiming a “different playbook” may be needed in this current market. “We are continuing to pursue critical hires that support our near-term growth, but are pausing the balance of our hiring plans for the remainder of 2022”, he said.
It sounds as if BlackRock has a hiring freeze for all but critical staff. In the second quarter, BlackRock said it planned on “delaying certain senior hires into next year” and would be “trying to juniorize a number of other roles where appropriate.”
If previous attempts to hire at junior level were a cost-cutting measure, the new commitment to freezing hiring plans sounds like a further tightening of the cost noose. Similar things may yet happen elsewhere, as banks pause recruitment in Q4 to preserve bonus pools.
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