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BlackRock will not layoff employees due to COVID-19 pandemic: CEO

FILE PHOTO: The company logo and trading information for BlackRock is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid//File Photo

(Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, will not layoff any employees during the year due to the coronavirus outbreak, Chief Executive Officer Larry Fink said on Wednesday.

The company will also pay full-time wages to support staff, such as cafeteria and maintenance workers, even if they cannot come to work, Fink wrote in a LinkedIn post.

He said more than 90% of the asset manager’s employees were working remotely.

BlackRock had about 16,200 employees as of Dec. 31, according to its annual filing.

Other major financial institutions, including top U.S. banks Citigroup C.N and Morgan Stanley MS.N, have also assured their employees that there will not be any layoffs at those institutions because of the pandemic.

(This story adds dropped word in third paragraph.)

Reporting by Saumya Sibi Joseph and Shariq Khan in Bengaluru; Editing by Aditya Soni

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