BlackRock is raising pay for director-level and more junior employees, following Wall Street banks

© Provided by Business Insider BlackRock Chief Executive Larry Fink. REUTERS/Toru Hanai

BlackRock told employees on Wednesday morning that it would raise base pay for staffers at the director level and below by 8% as a way to reward its workforce, a person familiar with the matter said.

The pay rise will go into effect on September 1, the New York-based asset management firm said in a memo to employees. It was not immediately clear if this would extend to BlackRock’s global employee base or specific regions.

BlackRock’s internal announcement follows months of Wall Street banks’ leadership raising pay for junior employees and offering them other incentives, as investment banking analysts have spoken out about their heavy workloads throughout the pandemic.

This is a developing story. Please check back for updates.