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        <title><![CDATA[Why BlackRock’s Larry Fink isn’t happy about the work-from-home trend]]></title>
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        <lastBuildDate>Thu, 17 Sep 2020 16:46:15 +0000</lastBuildDate>
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            <media:title type="html">Why BlackRock’s Larry Fink isn’t happy about the work-from-home trend</media:title>
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        <content:encoded><![CDATA[<p>The coronavirus will likely leave a permanent mark on the world&#8217;s largest asset management company, and CEO Larry Fink isn&#8217;t thrilled about it.</p><p>“I don’t believe BlackRock will be ever 100 percent back in office,” the New York company&#8217;s billionaire chairman and chief executive revealed on Thursday. “I actually believe maybe 60 percent or 70 percent, and maybe that is a rotation.”</p><p>Fink, made the remarks during a virtual appearance at the Morningstar Investment Conference on Thursday morning. And while he was blunt about the realities of a post-COVID workplace, he warned that having more than a quarter of his employees managing the firm’s $7.4 trillion in assets from their basements and bedrooms could have a deleterious effect on the company, headquartered in midtown Manhattan.</p><p>“Cultures were not meant to be done in a remote fashion, and culture is what binds and unifies us,” mused the 67-year-old Fink. “I’m still not sure how well we’re doing on a cultural basis.”</p><p>Fink’s concerns echo those of JPMorgan Chase chief Jamie Dimon, who has been vocal about his desire to get the bank&#8217;s employees out of their pajamas and back to the office as soon as possible. Dimon has pushed for a return to office work for the sake of productivity, team spirit and the mentoring of junior staff.</p><p>But unlike BlackRock, JPMorgan has started ordering employees to return to its Madison Ave. headquarters &#8212; a push that hit a bump this week after the bank <strong>revealed a staffer there had tested positive</strong> for COVID-19.</p><p>Wall Street overall appears split on whether and when to get people back in their cubicles.</p><p>Goldman Sachs has said it will start moving people back to its offices on a rotational basis this month, while Deutsche Bank notified its New York-based staffers yesterday that it will not ask them to return until July 2021 at the earliest.</p>]]></content:encoded>
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