- Asset management giant BlackRock has rethought how some of its spending is being allocated as the pandemic has introduced sweeping changes.
- The New York-based firms CFO shed light on how the firm is shifting spending that would have been used on areas like travel and continuing to invest in businesses like iShares ETFs and its Aladdin platform.
- Gary Shedlin said that BlackRock slowed hiring earlier this year, and that it “turned on the hiring spicket again” over the summer, which will continue into the first quarter.
BlackRock’s finance chief shed light on how the firm has retooled some of its spending as the pandemic has introduced sweeping changes to the way businesses operate, namely the travel expenses that remote work has squashed.
Chief Financial Officer Gary Shedlin said Tuesday during a virtual industry conference that it is taking dollars that primarily would have been used for travel and related expenses and reallocating it to other areas of the business.
“I don’t think we’ll ever get back to those same historical levels,” Shedlin said during a remote financials conference hosted by Goldman Sachs, referring to previous levels of travel and related spending.