Economists and strategists across Wall Street, including BlackRock's own, have widely forecast difficult economic conditions as growth slows andworst year for major US stock indexes
since 2008 has hit asset managers, which make most of their money from fees they charge to handle assets for clients. BlackRock's revenue in the first nine months of 2022 fell 15% from a year prior, while assets under management fell to $8 trillion from $9.5 trillion over the same period. "is clearly that we feel that a recession is a matter of when, not if," said the firm's chief financial officer, Gary Shedlin, during an industry conference early last month.
"Coming out of the pandemic, we debated at length how fast we should pull back. I think the good news is, we chose not to. Thank goodness we didn't, because the market bounced back very quickly. I don't think we feel that the market is bouncing back nearly as quickly at this point in time," Shedlin said, according to a transcript of his remarks from the research platform Sentieo."So we're trying to be a little bit more prudent.
BlackRock has sought to tamp down costs. The firm said in October that it would pause hiring through the rest of 2022 with the exception of critical hires, and that it expected core general and administrative expenses for the year to increase between 13% and 15%, down from the range of 15% to 20% the firm had forecast in January 2022.
Do you have a tip? Reach out to reporter Rebecca Ungarino at rungarino@insider.com or at 768-4711 using a non-work phone. Subscribe to push notifications
SamRo Turndown?
They should cut all of their jobs.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Stock market outlook: S&P 500 could fall 22%, Morgan Stanley saysThe S&P 500 could fall another 22% and investors' view of more downside for stocks is too mild, Morgan Stanley says didn't they help Bernie Madoff? OneMargaretx Eat The Rich
Source: BusinessInsider - 🏆 729. / 51 Read more »