Larry Fink Sends a Message: Flout BlackRock Rulebook at Your Own Risk
December 9, 2019 by Annie Massa
BlackRock Inc. fired a top official over a consensual affair, the firm’s second high-profile dismissal this year over misconduct, as Chief Executive Officer Larry Fink cracks down on the behavior of his senior lieutenants.
Mark Wiseman, global head of active equities and viewed as a potential successor to Fink, was terminated for violating the company’s policy on work relationships, according to a memo that Fink and President Rob Kapito sent to staff on Thursday. Global head of human resources Jeff Smith was dismissed in a similar way in July for breaking company rules.
The dramatic nature of the departures shows how misconduct is being scrutinized and penalized at Wall Street firms in today’s environment. They also underscore Fink’s willingness to make an example of even the top leaders at the world’s largest asset manager.
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