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☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ BlackRock CEO Larry Fink's pay dropped by 30% to $25 million in 2022, making him the latest corporate leader to take a pay cut amid recession fears
▼ + stars: | 2023-04-17 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

BlackRock CEO Larry Fink took a 30% pay cut last year, pocketing a total of $25.2 million. Apple's Tim Cook, Goldman Sach's David Solomon, and Google's Sundar Pichai are other CEOs taking pay cuts. Fink — who co-founded BlackRock in 1988 — made $36 million in 2021. While Fink's pay — before and after his 2022 pay cut — is still quite significant, it's far from the top of the CEO pay scale in the US. Amazon CEO Andy Jassy's pay dropped to $1.3 million in 2022 from $212.7 million in 2021, Insider reported Friday.

☆ Is Jamie Dimon the most powerful person in finance?
▼ + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.

☆ BlackRock Communications Specialists Exit As Fink Scrutiny Mounts
▼ + stars: | 2023-03-29 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

At least nine people have left or are transitioning out of BlackRock's communications group. The corporate communications team has some 90 employees globally, up from 48 in 2019, a BlackRock spokesperson said. "We're fortunate the BlackRock communications team includes some of the most talented professionals in the industry and that we have continued to attract top talent as the team has grown in recent years," Badenhausen said in a statement to Insider. Jonathan Posen, a veteran speechwriter who worked as former Treasury Secretary Tim Geithner's chief writer on the financial crisis and other economic matters, joined BlackRock's communications group in 2013. The criticism reached new heights in 2022 as Republican state officials coordinated attacks on Fink and BlackRock and some pulled their investments.

☆ Larry Fink's annual letter to BlackRock investors was about getting back to basics
▼ + stars: | 2023-03-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink GettyImages / Eugene Gologursky1. If you're looking for controversy in Larry Fink's annual open letter to investors, better luck next year. Despite this year's letter clocking in at roughly 9,000 words — have you thought about getting an editor, Larry? — Fink largely avoided discussing a favorite, albeit controversial, topic of his: ESG investing. Click here to read more about Larry Fink's latest annual letter that largely avoided hot political topics.

☆ BlackRock CEO Fink warns of financial risks, persistent inflation
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +4 min

[1/2] Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. Fink wrote that after the regional banking crisis, the financial industry could see what he termed "liquidity mismatches." “It’s too early to know how widespread the damage is,” Fink wrote. BlackRock has previously said its diversified products "have limited exposure to Silicon Valley Bank." "The monetary and fiscal tools available to policymakers and regulators to address the current crisis are limited, especially with a divided government in the United States," Fink wrote.

☆ Larry Fink, thrust into political crosshairs, dials back ESG talk in his annual letter
▼ + stars: | 2023-03-15 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BlackRock CEO Larry Fink published his widely read annual letter to investors on Wednesday. In a shift, Fink kept his discussion of ESG investing to a minimum after a year of backlash. Fink focused on macroeconomic concerns, notably inflation, and the wider energy transition. It is clear that Fink's stance on ESG investing has not changed. In his letter on Wednesday, Fink talked at length about the transition to a low-carbon economy and BlackRock's role in it.

☆ The behind-the-scenes role that's minting future stars at BlackRock
▼ + stars: | 2023-02-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Some of the most powerful people on Wall Street are men and women you've never heard of. Click here to learn more about BlackRock's new chief of staff and why the role is rising in importance across Wall Street. Everybody wants macro traders. A fintech helping companies engage with their retail investors got backing from Alexis Ohanian's Seven Seven Six. These are the top 10 holdings in the church's investment portfolio, including one Wall Street titan.

☆ Larry Fink has a new chief of staff, an under-the-radar position that's become a powerful post at BlackRock
▼ + stars: | 2023-02-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink has named executive Willie Alford as his new chief of staff. Sarah Schaffer, an executive and Fink's prior chief of staff, will take on a new role at BlackRock. This may be especially true if you worked directly with Larry Fink, the firm's chief executive and among the most powerful people on Wall Street. Fink's chief of staff position has vaulted executives into new heights. A more common C-suite roleThe chief of staff role has taken off across corporations and beyond the position's roots in government and military operations.

☆ Cramer sees bullish signs starting to emerge in the stock market, just not in the same places as before
▼ + stars: | 2023-01-16 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

Case in point: Mike Wilson, the genius of 2022, the strategist who was the most negative — and, therefore, the most right. Seven days ago, he predicted the bank earnings, the kick-off, would jolt the market by coming in sharply below expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ North Carolina treasurer wants BlackRock CEO to go, but keeps assets at firm
▼ + stars: | 2022-12-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Dec 9 (Reuters) - North Carolina's state treasurer on Friday called for BlackRock Inc (BLK.N) Chief Executive Laurence Fink to resign or be removed from the top asset management firm, citing its focus on sustainable investing, but said public assets will stay with the firm. A division of Folwell's office, the North Carolina Retirement Systems (NCRS), has about $14 billion invested through BlackRock. A focus on ESG is not a focus on returns," the statement said. Meanwhile, Democratic officials and investors want BlackRock and other companies to come to terms with issues like climate change or workforce diversity. Earlier this week, small activist hedge fund Bluebell Capital Partners also sought Fink's departure over the company's ESG efforts.

☆ Meet the small hedge fund that thinks it can oust Larry Fink from BlackRock
▼ + stars: | 2022-12-08 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

The fund has a tiny stake in BlackRock and is calling for the firm to replace Larry Fink as CEO. On one side stands a small, relatively unknown activist hedge fund with a tiny stake in a giant company. 1, the young hedge fund run by a longtime activist investor, and ExxonMobil. Joining a wave of heavy scrutiny of BlackRock and Fink over ESG, Bluebell accused BlackRock of a hypocritical posture toward sustainable investing, according to the letter, which was viewed by Insider. Bloomberg News ran the headline: "Tiny Activist Bluebell Quickly Becomes CEOs' Worst Nightmare."

Giuseppe Bivona and Marco Taricco, Bluebell's partners, wrote to Fink, saying they want someone else to run the company. Bluebell was founded in 2019 and has taken on companies including GlaxoSmithKline, Glencore, Vivendi and Danone, where it engineered the ouster of former CEO Emmanuel Faber. "Fink clearly has political ambitions because it is not his job as chief executive of BlackRock to dictate energy policy,” Bivona told Reuters in an interview. BlackRock did not support Bluebell's campaign to oust the CEO of chemical company Solvay or at Leonardo SpA (LDOF.MI), where Bluebell wanted to promote a liability action against the CEO. A BlackRock spokesman said it did not "support Bluebell's campaigns as we did not consider them to be in the best economic interests of our clients."

☆ Internal forums, major deals, and employee exits: Inside BlackRock's long road to embracing crypto
▼ + stars: | 2022-11-07 | by ( Rebecca Ungarino | Morgan Chittum | ) www.businessinsider.com time to read: +13 min

A group of employees at the firm organized and started holding a forum to discuss crypto, five people familiar with the group told Insider. Eager, usually more junior, staff members huddled around to hear industry experts talk about crypto and blockchain. A junior employee touched off BlackRock's crypto effortsThe blockchain working group and the informal crypto-asset forum will end up being key footnotes in the firm's history. Leaving BlackRock for cryptoLader left BlackRock in June 2021 for Uniswap, the world's largest decentralized-exchange protocol, where she is now the chief operating officer. She was "very, very central" to the firm's crypto efforts," a former employee said.

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