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What's next for BlackRock?

Jun 20, 2023, 17:42 IST
Business Insider
(Photo by Leonardo Munoz/VIEWpress)

Welcome back! Dan DeFrancesco in NYC, here.

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Today we've got stories on a big bet at Disney on Apple's newest product, how much people are willing to pay to keep working in their PJs, and a solution to that Netflix password-sharing crackdown.

But first, is it time for a change?

If this was forwarded to you, sign up here. Download Insider's app here.

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1. BlackRock's big moment.

Change is inevitable on Wall Street. CEOs come and go. Strategies shift. People don't like sitting on their hands when there is money to be made.

But for the largest firms on the Street, major adjustments are a bit more complicated. You can't turn a tanker on a dime, and the same goes for the handful of financial firms that handle trillions of dollars.

BlackRock, the world's largest asset manager, is in that very situation. The firm, which manages an eye-popping $9.1 trillion, is at a crossroads.

The biggest, and most obvious, change comes at the top, as BlackRock considers life without Larry Fink. The firm's CEO, chairman, and cofounder has said he isn't planning on leaving anytime soon, but there also seems to be a light at the end of the tunnel, so to speak.

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The departure of Fink from BlackRock — a firm he's led since founding it with Robert Kapito in 1988 — is monumental in and of itself. But consider the state of affairs:

Simply put, there's a lot going on these days at BlackRock. Insider's Rebecca Ungarino, our resident BlackRock expert, has a rundown of all the latest news at the massive money manager.

More on everything that's happening at BlackRock as its CEO and cofounder considers his future.

In other news:

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Todd Anderson/Getty Images

2. I get all my best trading ideas when I'm playing squash drunk. A former Barclays trader testified that he was a bit tipsy when a former Goldman trader tipped him off with inside info during a game of squash. Eat your heart out, pickleball.

3. The download on all things Disney. Lots going on at the Mouse House. Christine McCarthy, the company's CFO and a candidate to succeed CEO Bob Iger, is stepping down to take a family medical leave of absence. Meanwhile, Iger has big plans for Apple's Vision Pro headset, but not everyone is sold. And questions remain about whether Disney will go all-in on Hulu.

4. Dear executives of failed banks, hold off on those big purchases. Congress is contemplating a bill that would give regulators the power to force executives of failed banks to pay back their compensation, Reuters reports.

5. At least one of Revolut's investors isn't feeling bullish about the fintech. A long-time backer of the London-based neobank cut the valuation of its stake in the startup by 40%. More here.

6. How much would you pay to NOT go into the office? A conversation on the workplace forum Fishbowl centered around how big of a pay cut someone would be willing to take to be able to stay remote. Here's what people said.

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7. Gen Z is freaking out about their OOTD for their big-person jobs. New graduates are turning to TikTok for inspiration as they head into the office. And if you're working on Wall Street, we've got you covered with our style guide.

8. If you make a lot of money, you could be screwed by AI. A report by McKinsey found that the tech will impact the highest earners at work. More on who should be worried.

9. Don't let Netflix's password-sharing crackdown get you down. Check out these 12 websites where you can watch movies for free. (And yes, it's totally legal.)

10. How to find food and water during a nuclear apocalypse. Hey, you never know.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.

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