BlackRock Cuts DEI From Annual Report (No Longer ‘The Foundation’)

On its website, Blackrock has a quote that reads, “‘Inclusion is the foundation of our culture, driving us towards collective success.”

But according to its most recent annual report, the asset manager appears to have removed the foundation.

What is the state of diversity, equity, and inclusion (DEI) at Blackrock? Here’s everything you need to know.

See Also:

• B of A Eliminates Diversity Hiring Goals
• Citi Ends Its DEI Team, No Longer Committed Every Day
• Goldman Sachs Drops Board Diversity Rule

Feb 2025: BlackRock Drops DEI Language

In its 2024 annual report from February 25, 2025, Blackrock mentions the words “diversity” just twice. Neither are in relation to DEI:

• “… remain competitive with the products, services and geographic diversity offered by other financial institutions”
• “The diversity of BlackRock’s platform…”

In its 2023 annual report, Blackrock mentions “diversity” six times, with four of them related to DEI. The report also had a section dedicated to DEI (that was left out of the 2024 report).

Diversity, Equity and Inclusion (“DEI”)

BlackRock believes a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success. Ultimately, a dynamic, inclusive organization allows BlackRock to attract and retain top talent around the world and to stay ahead of its clients’ needs.

BlackRock’s three pillar DEI strategy is aligned with the firm’s business priorities and long-term objectives. The three pillars are (1) talent and culture across the globe, which focuses on attracting, developing and retaining top talent by cultivating an inclusive work environment where employees have fair access to opportunities and feel seen, heard, valued and respected, (2) activities to support interested clients, which focus on expanding investment choices and business partnership opportunities with brokers, managers, and suppliers, and (3) impact in underserved communities, which focuses on helping more and more people experience financial well-being through BlackRock philanthropy and employee-led volunteer efforts.

BlackRock views transparency and measurement as critical to its strategy. Since 2020, the firm has published annual SASB-aligned disclosure and EEO-1 reports, and since 2022, a Global DEI Annual Report. As of January 1, 2024, of the Company’s employees who self-identified their gender status, approximately 44% of the Company’s global workforce, 33% of global senior leaders (Directors or above) and 47% of global new hires, were women. Additionally, as of January 1, 2024, of the Company’s US employees who self identified their race/ethnicity status, approximately 8% of employees, 4% of senior leaders and 10% of new hires identified as Black or African American, 8% of employees, 5% of senior leaders and 16% of new hires identified as Latinx, and 28% of employees, 21% of senior leaders and 30% of new hires identified as Asian. Further, of the Company’s approximately 19,800 employees as of December 31, 2023, 46% were based in the Americas, 31% were based in EMEA and 23% were based in Asia-Pacific regions.

Maintaining A Public Commitment

Despite the report’s omission, BlackRock still references inclusion on its DEI page. Michelle Gadsden-Williams, Global Head of Diversity, Equity, and Inclusion, states, ‘Inclusion is the foundation of our culture, driving us towards collective success.’

Let’s see if the page stays up long term.

Summary

BlackRock has removed DEI references from its annual report but still has an active DEI web page and DEI team. 

Conclusion: Blackrock has an active, but shrinking, DEI policy/program.

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