BlackRock Asks Employees To Resume Full-Time Office Four Days A Week

  • BlackRock, Inc BLK became the latest company to curtail liberal work-from-home policies by urging employees to return to the office at least four days a week.
  • The New York-based asset manager said that from September 11, staff could work from home just one day a week, Financial Times cites an internal memo.
  • In April, JP Morgan Chase & Co JPM urged managing directors to return to the office five days a week.
  • Office occupancy in New York City is still just under 50% — about the same as the national average per Kastle Systems.
  • BlackRock's directive adds a day to its current requirement of three days a week in the office to encourage collaboration and training. 
  • BlackRock moved into a new headquarters in Manhattan's Hudson Yards development at the beginning of 2023, bringing employees from its old Midtown office during the year's first quarter. 
  • It signed the lease for the unbuilt 970,000-square-foot space seven years ago.
  • BlackRock employees can work remotely for two weeks a year during a "relevant" time, such as the summer.
  • BlackRock emphasized the urgency of physical presence to tap the fast-moving, high-client-interest events. 
  • Simultaneously, Tesla Inc TSLA chief Elon Musk has never failed to express his opposition to remote work.
  • Price Action: BLK shares traded higher by 0.75% at $638.58 on the last check Wednesday.
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