12/28/2023 0 Comments Laurence fink biographyThey’re not hiring, not building as many factories today. Globally, corporations are seeing massive sums of cash-we’re talking trillions of dollars. We see the symptoms of that fear in the increased cash holdings. And it’s that atmosphere and the binary outcomes that have created an environment in which executives who are running large, interconnected companies are frightened of planning out too far. Only when government is backed against the wall do we see action. The insecurity around politicians toward their own careers has had a severe impact. The cycle of politicians is just too short. We’re witnessing now in China, and in Europe and the United States, is this tug-of-war between a business sector that is looking for a strong message, strong leadership, and a little more consistency from government and what government can realistically provide. This is an ongoing challenge that has never been greater. Larry Fink: I think probably the most dominant change that we are facing is the growing impact of politics on business. McKinsey: If you look back five or ten years, what developments have posed the most important new challenges to leaders of global organizations? This edited text interview is an extended version of the video interview available above. In an August 2012 interview with McKinsey Publishing’s Bill Javetski at BlackRock’s New York headquarters, Fink described the organizational and personal leadership challenges posed by today’s low-interest-rate environment, globalization, and the trust deficit facing the financial-services sector. Member of the board of trustees, Museum of Modern Art Member of the board of trustees, New York University Named one of the world’s best CEOs by Barron’s each year since 2005 Named “CEO of the decade” by Financial News in 2011 Served as a member of management committee and as managing director became one of Wall Street’s first traders in mortgage-backed securities (1976–88) Serves as chairman and leads global executive committee Graduated with a BA in political science in 1974 from the University of California, Los AngelesĮarned an MBA with a concentration in real estate from UCLA in 1976ĬEO of BlackRock since he cofounded the firm (1988) His firm’s financial clout and risk-management innovations have made it an important player in the efforts to resolve both the 2008 global credit shock and the ongoing challenge of solving the crisis facing the European Union’s single currency. BlackRock’s 10,000 professionals in 27 countries manage investments for clients that include corporations, governments, pension funds, sovereign-wealth funds, unions, individuals, and other investors, making him one of the world’s most powerful voices on behalf of savers. In the years since Fink cofounded BlackRock in 1988, he has built one of the world’s most powerful asset-management firms, with $3.5 trillion under management. Indeed, Fink has proven himself a quick study of the ever-growing complexity of the global economy and the interrelation of government and business in an era of accelerating globalization. “I’m still a student” is one way that Larry Fink, chairman and chief executive of BlackRock, describes his approach to personal leadership.
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