Paul, Weiss, the law firm BlackRock hired in March to probe these claims, spoke with over 50 current and former employees and reviewed BlackRock’s files on incidents at the firm, including some that were reported in the media. II's reporting at that time was based on a nine-month-long investigation.
Other Black and Latinx employees said they were called aggressive and unenthusiastic about their work, and that they believed were given poor performance evaluations based on these perceptions. Institutional Investor reported in March that some BlackRock employees said they experienced sexual harassment, which included being asked what type of pornography they prefer and being propositioned by their bosses. “That is why it was so disturbing earlier this year to read stories of inappropriate or intolerant behavior recounted by former employees.”
“It is essential that we have a culture at BlackRock where every employee feels welcomed, included, and safe,” Fink wrote. The asset manager, with $9 trillion in assets under management, will undertake “360° reviews” of roughly 25 of its senior leaders, and establish a disciplinary oversight committee, among other measures, according to the letter. After launching a three-month review of allegations of sexism, sexual harassment, and racism at the firm, BlackRock’s Larry Fink shared plans on moving forward in a letter to employees, which he sent out on Thursday morning.
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