BlackRock is raising pay for director-level and more junior employees, following Wall Street banks (BLK)

Larry FinkREUTERS/Toru Hanai

Summary List Placement

BlackRock told employees on Wednesday morning that it would raise base pay for staffers at the director level and below by 8% as a way to reward its workforce, according to a memo Insider viewed. 

The pay rise will go into effect on September 1, the New York-based asset management firm said in a memo to employees. It was not immediately clear if this would extend to BlackRock's global employee base or specific regions.

The firm will still follow its standard year-end compensation processes, meaning employees can still be eligible for additional salary increases effective at the start of next year in addition to this adjustment, Chief Executive Larry Fink and President Rob Kapito said in the memo to employees. 

BlackRock's internal announcement follows months of Wall Street banks' leadership raising pay for junior employees and offering them other incentives, as investment banking analysts have spoken out about their heavy workloads throughout the pandemic. 

This is a developing story. Please check back for updates.

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