The former CEO of BlackRock said he’s frustrated with his management style, as well as with how his team is working under a new CEO.
Read moreThe former CEO and co-founder of Blackrock told Axios that his team at the investment bank is “not working in the best way” and that his management has been “horrible.”
The CEO and former co-founders of Blackstone, who resigned in August, said that his former team is “horribly dysfunctional” and has been working under an “extremely hostile” management structure.
According to BlackRock’s annual report for 2017, which was published Friday, the bank has about $1.4 trillion in assets under management.
Its revenue is $1 trillion, its earnings are $900 million, and its net income is $700 million.
The report also said that the bank is in the process of restructuring to eliminate $700 billion in debt and fund an $80 billion acquisition.
The company has been in the spotlight in recent years due to the massive scandal that engulfed its CEO, Marc Benioff, in September of 2016, which saw him resign in the wake of the revelations that he had been improperly giving his wife and other employees special access to client accounts.
The scandal has been the subject of several investigations by the Department of Justice and House Oversight and Government Reform Committee.
Benioff is currently serving a nine-month sentence at the Federal Correctional Institution at McMenamins, in New York, where he’s serving an 8.5 year sentence for securities fraud.