BlackRock CEO Larry Fink is currently facing backlash for comments he made in a 2017 interview with The New York Times where he admitted to forcing diversity levels in the company’s hiring process.
“BlackRock is the worst enforcer of corporate cultural Marxism, but hardly the only such force, especially among asset managers. Blatant bias against white men must end,” Steve Cortes, national spokesperson for Ron DeSantis PAC, wrote in a June 5 tweet.
In his tweet, Cortes linked to a 2017 interview showing Fink sitting alongside former AmEx CEO Kenneth Chenault and discussing DEI efforts.
“Behaviors are going to have to change, and this is one thing were asking companies. You have to force behaviors, and at BlackRock we are forcing behaviors,” Fink said. With Chenault chiming in to agree and saying that they were doing the same at AmEx.
“Fifty-four percent of the incoming class are women; we added four more points in terms of diverse employment this year.” Fink said. “What we’re doing internally is, if you don’t achieve these levels of impact, your compensation could be impacted, okay? You have to force behaviors, and if you don’t force behaviors, whether it’s gender or race — any way you want to say the compensation of your team — you’re going to be impacted.”
In a statement to Fox Business, BlackRock responded to the backlash: “The nearly six-year-old clip misconstruing Larry’s words about BlackRock’s own approach to its employees has been circulating for years on social media and is often taken out of context. As a fiduciary, BlackRock’s actions serve one purpose: maximizing long-term financial value for our clients. As an employer, BlackRock seeks to hire employees from a wide range of backgrounds and perspectives because we believe this diversity is critical to delivering for our clients in a rapidly changing world.”
BlackRock is a major investment company and asset manager based in New York City. As of the end of 2021, the company reportedly had more than 8,000 employees working in U.S. offices.
