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BlackRock Bucks New York Departure Trend With Plans to Stay Put

  • Firm still intends to move NYC workforce to Hudson Yards tower
  • Full-time remote work won’t be norm after pandemic, memo shows
50 Hudson yards rendering

50 Hudson yards rendering

Source: Related Companies

As a growing number of Wall Street firms plan to move New York employees to cheaper U.S. hubs and even let rainmakers work from faraway homes, BlackRock Inc. is planting its feet firmly in Manhattan.

Executives at the world’s largest asset manager have privately urged employees not to get too attached to doing their jobs remotely full-time, while it awaits a move to a new office tower in New York, where it’s based. With the pandemic surging across the U.S., the company extended the work-from-home period through this year’s first quarter. But that won’t be the new normal.