In a statement, Larry Fink, the CEO of BlackRock Inc, the world’s largest asset manager, said it will not layoff any of its employees during the year because of the coronavirus outbreak.
BlackRock will pay full-time wages to support staff, including its cafeteria and maintenance workers, even if they cannot come to work, wrote Fink in a LinkedIn post.
More than 90% of the asset manager’s employees were working remotely, said Fink.
According to BlackRock’s annual filing, as of December 31, BlackRock had around 16,200 employees.
Other major financial institutions, including Morgan Stanley and Citigroup have assured their employees that there will not be any layoffs because of the coronavirus pandemic.