7.7 C
London
Tuesday, February 27, 2024
Home"Unlike Anything We've Seen In Decades," BlackRock's Larry Fink Said In Internal...
Array

“Unlike Anything We’ve Seen In Decades,” BlackRock’s Larry Fink Said In Internal Memo While Describing Volatile Markets

Date:

Related stories

Kazakhstan Targets Fintech to Boost Revenue and Curb Tax Evasion

After Kurmet, a hairdresser in Kazakhstan’s business capital, Almaty, finished a cut earlier this month, the customer reached for his phone to pay. This has been a standard scene for years. Kazakhs young and old have embraced banking apps with a passio...

What Happens When The VIX Spikes, But Traders Aren’t “Actually” Worried?

What Happens When The VIX Spikes, But Traders Aren't "Actually" Worried? SpotGamma invites readers to please join them tonight at 8pm EST for a free webinar on the VIX and the coming March option expiration, to learn how the fear gauge ac...

The CIA Was Preparing Ukraine to Fight Russia for the Last Ten Years

A bombshell report released by the New York Times revealed that the United States and its CIA have created twelve secret state-of-the-art spy centers in Ukraine The post The CIA Was Preparing Ukraine to Fight Russia for the Last Ten Years first appeare...

“I’m Done With Google”: Wholesale Loss Of Trust After “Unbelievably Irresponsible” Racist AI Goes Mask-Off

"I'm Done With Google": Wholesale Loss Of Trust After "Unbelievably Irresponsible" Racist AI Goes Mask-Off The fact that Google's Gemini AI is a complete woke mess comes as no surprise to anyone who's been paying attention. Between Goog...

“Absurdly Woke” Gemini AI Causes $90 Billion Google Stock Selloff

Google parent company Alphabet lost $90 billion in market valuation after its Gemini AI chatbot and image generator defended pedophilia and Adolph Hitler. The post “Absurdly Woke” Gemini AI Causes $90 Billion Google Stock Selloff first appeared on Valu...
"Unlike Anything We've Seen In Decades," BlackRock's Larry Fink Said In Internal Memo While Describing Volatile Markets

BlackRock, the world's largest asset management firm, reported an 18% decline in fourth-quarter profits on Friday, hit by a year of cross-asset contagion among stocks, bonds, and currency markets, but recorded positive stock and bond inflows via institutional clients in the quarter.

Most of BlackRock's earnings are derived from fees on investment advisory and administration services. When global stocks and bonds tumbled by 20% and 14%, respectively, last year, the result was the manager's assets under management also plunged. 

The New York-based firm's AUM dropped from $10 trillion a year ago to $8.6 trillion in the quarter, and revenue slid by 15% to $4.3 billion. 

Full-year revenue fell by 8% "primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees," BlackRock said in a statement.

But there was some good news. The firm said $146 billion in long-term inflows were recorded in the fourth quarter, up from $65 billion in the previous quarter. When accounting for outflows, total net flows were $114 billion. 

Then there were layoffs. BlackRock slashed 2.5% of its headcount, or about 500 jobs, for which it incurred $91 million in restructuring charges during the quarter. 

An internal memo obtained by Financial Times revealed BlackRock's Larry Fink's thoughts about last year's tumultuous operating environment, saying it's "unlike anything we've seen in decades."

Tyler Durden Fri, 01/13/2023 - 15:40

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here