BlackRock to order MDs back to office, FT says

The news: BlackRock is ordering managing directors back to the office five days a week, in the latest sign that large financial services groups are tightening their flexible working policies, the Financial Times reported citing unnamed sources.

The numbers: The world’s largest asset manager is to tell staff as early as Thursday that its roughly 1,000 managing directors globally will be expected to work from the office full time, two sources told the paper.

BlackRock has about 22,000 employees and USD11.6 trillion in assets under management.

BlackRock did not comment.

The context: In 2023, the New York-based group required staff to attend at least four days a week. One of the sources said the latest move is likely to cause upset among some staff used to working from home one day a week.

The second source said the move reflected a desire to bolster collaboration and ensure managing directors are leading teams in person to best serve clients.