- Larry Fink Facts – #100 Facts
- Larry Fink Early Years
- First Boston
- Larry Fink BlackRock
- 9) One Failure That Led To Success At BlackRock
- 10) Leaving First Boston: ASense of Loss
- 11) Co-founding BlackRock, Investment Management Corporation
- 12) The First Brick And Mortar For BlackRock
- 13) Larry’s First Client At BlackRock
- 14) Larry’s Vision For BlackRock
- 15) Overcoming Disappointments: The Goldman Sachs Opportunity
- 16) BlackRock Wasn’t Meant To Be Another Wall Street Machine…
- 17) Establishing BlackRock In The Financial Market
- 18) Becoming Independent From Blackstone
- 19) Larry Fink And Stephen A. Schwarzman
- 20) Getting BlackRock ‘On The Map’
- 21) Larry’s Business Mind Was At Work Behind BlackRock
- Larry Fink: The Aladdin – A Computer System
- Larry Fink Setbacks
- Larry Fink Success
- 30) Larry Gave A Helping Hand In The Financial Crisis Of 2008
- 31) Coming Out As A Hero In The Aftermath Of The Financial Crisis
- 32) Acquiring Barclays Global Investors
- 33) Leading Largest Money Management Company On The Planet
- 34) Boys Club Advisory Role
- 35) Board Member At New York University
- 36) Stake In The Hedge Fund Enso Capital
- 37) The Larry Fink Empire
- 38) Larry Fink’s Staggering Net Worth
- BlackRock Solutions
- Larry Fink Personality
- 44) For Fink, Respecting And Reacting To Problems Is The Key To Solving Them
- 45) The Wall Street Wise Man
- 46) Larry Fink Has Earned Wall Street’s Trust
- 47) A True Leader
- 48) Fink – An All In One Persona
- 49) An Extraordinary Mind At Work
- 50) Belief In Putting No Limits To Success
- 51) Learning From Past Mistakes
- 52) Paranoia Or Smart Wit?
- 53) One Of Fink’s Most Prominent Qualities: His Enthusiasm
- 54) Larry and BlackRock – ‘Too Big To Fail’?
- 55) Fink’s Response To Setbacks Faced By BlackRock
- 56) High Importance To Ethics And Morals
- 57) Insightful And Knowledgeable
- 58) A Truly Global Entrepreneur
- Larry Fink: Other Work
- Larry Fink Achievements
- Larry Fink Professional Opinion
- 70) Fink On The European Crisis
- 71) The Way Ahead For Europe
- 72) Dealing With The New Market
- 73) Standing Out From The Crowd
- 74) The World Is ONE Economy
- 75) Fink: The Biggest Challenge Of Leadership Is Politics
- 76) Mr. Fink’s Advice To Investors-1.0
- 77) Mr. Fink’s Advice To Investors-2.0
- 78) ‘How Can The Market Regain Investor Trust?’
- A Family Man
- Larry Fink Charity
- Larry Fink Inspirational
- 86) Generating Confidence With Larry Fink’s words
- 87) Larry’s Philosophy Of Leadership
- 88) Stressing The Importance Of Cultural Values In Times Of Crisis
- 89) Larry Fink Not One To Back Out Of Challenges
- 90) Delivering Consistent Service – Larry’s First Priority
- 91) Infusing Leadership In Aspiring Newcomers
- 92) Larry’s Belief In Continuous Improvement
- 93) Running A Business Is Like Living A Passion
- 94) Larry’s Message To The World Is Simple
- 95) Nothing Like Other Fortune 500 CEOs
- 96) Dreaming And Living Your Dream: Different For BlackRock’s CEO
- 97) Being Wrong Is Part Of The Game… Larry Learned From Experience
- 98) Staying Abreast With World Changes – Even After Being Worth $340 Million!
- 99) BlackRock CEO’s 2012 Compensation
- 100) Learning Lessons After Being In Business For 40 + Years
Larry Fink Facts – #100 Facts
Larry Fink Early Years
1) Larry Fink Was Born On November 2, 1952
Laurence D. Fink, more popularly known as Larry Fink, was born on November 2, 1952, into a Jewish family.
Larry’s mother was an English teacher while his father owned a shoe store.
He was brought up in Van Nuys, California.
2) Early Education And Alma Mater
Larry attended the University of California, Los Angeles and graduated with a BA in political science in 1974.
He then opted for further studies and completed his masters in business administration from UCLA Anderson School of Management in 1976.
3) Working In His Father’s Shoe Store
Even though Larry often worked in his father’s shoe store to give him a helping hand, his passion and need for achievement were too high to be satisfied by a “safe” business.
He wished for far greater than most college graduates do at the beginning of their careers.
4) Early Career In The Finance Sector
With Larry’s intelligence and interest in numbers, he landed his first job at a New York-based Investment Bank called First Boston.
Here, Larry managed to climb the career ladder in record time as he took charge of the Bond Department and directed it towards success.
5) Larry’s Contribution To First Boston
Larry’s role at First Boston was unlike any other employee’s.
Not only was he heading the entire Bond Department, he was an esteemed member of the Managing Committee.
For his farsightedness in the investment sector, Larry was also made the co-head of the Taxable Fixed Income Division.
6) Making History At First Boston
Larry helped First Boston secure a number of major, big-buck deals of the time, including the securitization of GMCA auto loans for $4.6 billion.
Such feats made him the youngest managing director of the company at a young age of 31.
7) Becoming A Legend In The Financial Sector
It wasn’t long before Larry made a place for himself in the American financial sector.
Apart from making $1 billion from the investment bank’s bottom line, the banking industry at large owed him for his contribution towards the creation of mortgage back securities – a tool that the investment sector takes great pride in today.
8) Larry’s Success At First Boston Till 1986
In the ten years that Larry Fink worked for First Boston, he gained tremendous experience and exposure.
His ability with numbers and financial planning made him successful at heading the Mortgage and Real Estate Products Group.
Later, Larry also became the individual to spearhead the introduction of the Financial Futures and Options Department at First Boston.
Larry Fink BlackRock
9) One Failure That Led To Success At BlackRock
A wrong prediction of interest rates taught Larry the biggest lesson of his life and his career.
After a loss of $100 million that First Boston faced because of Larry’s mistake, the young businessman was ready for a new start – one that involved a startup company called BlackRock.
10) Leaving First Boston: ASense of Loss
Leaving First Boston tainted with failure was not easy for Larry.
The incident was described as “one of the most spectacular and humiliating flameouts in Wall Street history.”
Larry recalled the situation with these words, “It was very painful.
I was not treated as a partner or with the dignity that I expected.”
11) Co-founding BlackRock, Investment Management Corporation
In 1988, Larry Fink co-founded BlackRock with Ralph Schlosstein, in a 50-50 partnership with the giant Blackstone Group, an organization which is a multinational equity investment firm.
The two founders used the funds from Blackstone Group for building an asset management firm that dealt with income securities.
12) The First Brick And Mortar For BlackRock
With $5 million from the Blackstone Group, Fink started his asset and risk management company.
Its first not-so-lavish office was a small rented room on the trading floor of the giant Bear Stearns trading floor.
Starting from nothing, by 1993 BlackRock had $20 million worth of assets under management.
13) Larry’s First Client At BlackRock
Managing world finances from a one-room office was no problem for Larry as long as he did what he loved.
The first client BlackRock signed on was a savings and loans institution, which was an area of expertise that the CEO had learned about while working with First Boston.
He was then hired by the Federal Deposit Insurance Corporation to manage the assets of the savings and loans industry.
14) Larry’s Vision For BlackRock
Fink became the director and CEO of his startup company with a vision that was drawn from past failures.
For Larry, the business proposition of BlackRock was more than just ordinary.
He wanted to right his wrongs from his old job so he vowed to make BlackRock a risk management company as well, one that would specialize in giving professional advice.
15) Overcoming Disappointments: The Goldman Sachs Opportunity
For Larry, like any other new employee, setting foot in a highly risky and competitive industry was not easy.
After the setback at First Boston, Larry tried hard for a post at Goldman Sachs.
Even though he was a strong contender, he lost to his competitor.
16) BlackRock Wasn’t Meant To Be Another Wall Street Machine…
Part of the reason Larry wanted to establish his own company was the desire to tell the market how inadequately informed everyone was about risk, which was the reason he made the big mistake at First Boston.
He said, “We built this giant machine, and it was making a lot of money – until it didn’t.
We didn’t know why we were making so much money.
We didn’t have the risk tools to understand that risk.
It’s what I tell everybody today: you should analyze your portfolio just as much when you are making money, because you could be taking on too much risk.”
17) Establishing BlackRock In The Financial Market
The initial support from the Blackstone Group was instrumental for BlackRock to enter the market as a trusted financial asset and advisory company.
It was first known as the Blackstone Financial Management Company; however, to avoid confusion of the names, it was later changed to BlackRock.
18) Becoming Independent From Blackstone
After acquiring the startup that it needed, BlackRock soon parted ways with its partner Blackstone Group in 1994 after the founder bought over 70% of the shares from Blackstone.
Even though Larry continued to be the CEO and chairman of the company, he now became its visionary leader as well.
In 1999, BlackRock went public as its asset management business grew beyond bounds.
19) Larry Fink And Stephen A. Schwarzman
When BlackRock separated from Blackstone, the company lost the support of a very powerful investment concern and its CEO, Stephen A. Schwarzman.
However, in later interviews, the CEO of BlackRock said there were no hard feelings.
Larry said, “It was a very bitter divorce.
But I don’t regret it. I am larger.”
20) Getting BlackRock ‘On The Map’
According to the pages of history, BlackRock’s big break came in 1994.
General Electric hired Fink to manage the $7-billion portfolio of mortgage back securities of Kidder Peabody, a failed investment bank.
Fink, who was not only a mastermind at managing mortgage back securities but had also played a huge part in developing them, did a great job in clearing up the ashes of some of his former competitors.
21) Larry’s Business Mind Was At Work Behind BlackRock
Despite working with a lucrative market presence, Fink’s dream for BlackRock was more than just dealing with assets.
He wanted to see the company at the top of the financial food chain.
In 2005, Larry arranged for a merger with State Street Research & Management, a mutual funds business that added considerable equity to BlackRock.
Larry Fink: The Aladdin – A Computer System
22) The Aladdin At Work At BlackRock Headquarters
With his commitment to providing sophisticated risk management to clients at all costs, Larry put together an extensive computer system at BlackRock that would compete with the best firms on Wall Street.
The Aladdin, as it is called, is a “computer farm” of 5,000 computers that runs 24 hours a day and churns out 200 million calculations in a week to notice even a fraction of a change in financial variables.
23) Success Story Of Aladdin
The efficiency of Aladdin, or in other words, Larry’s bright mind, can be gauged by the fact that it is this system that takes care of the $9 trillion in worldwide investments for BlackRock.
BlackRock also rents the Aladdin to clients for them to implement it in their offices for better management of securities.
24) Becoming An Asset To The American Financial Sector
Fink’s contributions to the American financial sector had become prominent since he aided in the development of a financial tool as sophisticated as mortgage back securities.
However, his success with BlackRock heightened his contributions so much so that major decisions within the New York Stock Exchange were made with his help.
He was also called upon for sorting out investment portfolios of major conglomerates in later years, something that has enabled the American financial system to bounce back from the shadows of the crunch.
25) The Richard Grasso Crisis
The most prominent man in the Richard Grasso resignation case was Larry Fink.
In the $190-million pay scandal surrounding the New York Stock Exchange CEO, Richard Grasso, Larry played an immense role in helping the man resign in 2003 and preventing the scandal from turning into a wildfire.
This incident was truly a glimpse of the trust that the financial system placed in Larry’s expertise.
Larry Fink Setbacks
26) Setback at BlackRock
As lucrative as the financial industry is, it is as risky as well.
In 2006, BlackRock’s decision to buy a Manhattan real estate property for $5.4 billion backfired.
Even though this was the largest real estate deal in the history of the United States, the property defaulted before any benefit could be drawn from it.
27) Larry Lost A Number Of Major Clients Because Of The Setback
Despite the real estate setback being a curse of fate, BlackRock suffered immensely as Larry lost the confidence of major clients.
Some of these clients, such as the California Pension and Retirement System, lost as much as $500 million.
28) The Decision To Merge With Merrill Lynch
In 2006, Fink decided to merge with Merrill Lynch, a giant investment firm.
According to observers and critics, Fink’s decision to do so was farsighted and well conceived.
It not only increased power and reach for BlackRock but also doubled the company’s asset management portfolio.
29) Acquisition of Quellos Capital Management
In October 2007, Larry Fink added yet another acquisition to BlackRock’s portfolio with the aim to give the company a strong foothold in the market and to spread its operations in multiple areas of the industry.
Quellos Capital Management was a funds-of-funds business which was the first of its kind in BlackRock’s portfolio.
Larry Fink Success
30) Larry Gave A Helping Hand In The Financial Crisis Of 2008
After the real estate bubble blew up half the economy of the world, particularly the United States, the government entrusted Larry Fink, along with other financial experts, to help restore some degree of balance.
With his tremendous experience and insightful knowledge about securities, Larry was the best pick to do the job.
31) Coming Out As A Hero In The Aftermath Of The Financial Crisis
Notoriously known as the “financial fulcrum of Wall Street and Washington,” Larry’s $12-trillion money management company came as a big help in the post-crisis situation.
This included monitoring of some of the most important financial institutions in the United States such as Fannie Mae and Freddie Mac.
32) Acquiring Barclays Global Investors
2009 was a good year for Larry.
BlackRock, now a 22-year-old asset management company, acquired Barclays Global Investors for $13.5 billion.
This acquisition made Larry the founder and CEO of the largest money management company in the history of the world.
33) Leading Largest Money Management Company On The Planet
After the Barclays acquisition, BlackRock’s asset management surpassed every other company on the face of the planet.
As a result, the company now owned $3.3 trillion in assets under direct management and $9 trillion that it supported for clients ranging from schools and universities to entire states and economies.
34) Boys Club Advisory Role
Apart from being the leadership behind BlackRock, Fink is also known for his services on the Board of Trustees of the Boys Club of New York.
35) Board Member At New York University
Larry is an important member of the Board of Trustees of New York University.
His profession coupled with his experience has rendered him as a great help for the university.
He is chairman of the NYU Financial Affairs Committee and co-chairs the Board of Trustees of the NYU Langone Medical Center.
36) Stake In The Hedge Fund Enso Capital
One of Larry’s prominent investments is in Enso Capital.
Enso is a hedge management company which is run by Joshua, Larry’s eldest son.
37) The Larry Fink Empire
With the immense wealth and importance that Fink has secured for BlackRock, the company has become a wheel turner in world economics.
According to Street Authority, “If the company were a country, then its assets under management would put it at the fourth largest in terms of gross domestic product, higher than Germany or France.”
38) Larry Fink’s Staggering Net Worth
Larry’s $340-million net worth easily makes him one of the richest people in the world.
Most of this worth has come from his career at First Boston and then as CEO of BlackRock.
39) BlackRock Solutions – Larry’s Advisory Role
Within BlackRock, Larry developed and nurtured BlackRock Solutions – a concern that focuses on providing pragmatic remedies to financial hurdles and crisis.
As an aftermath to the 2008 crisis, some of Larry’s clients include the governments of the United States, Ireland and Greece.
40) Success Of BlackRock Solutions
With the 24/7 risk assessment and monitoring provided by Aladdin, BlackRock Solutions was able to secure 140 high-profile clients and an office space with 600 employees as of 2010.
It was with BlackRock Solutions that Larry Fink managed to surpass all others at the task of cleaning up the mess left by the biggest financial crunch in history.
41) BlackRock Has Been A Target Of Intense Scrutiny
Fink and BlackRock have been under intense scrutiny for being awarded government contracts on the basis of referrals instead of the regular bidding.
Observers and experts have raised questions, while some have even nicknamed BlackRock as “the Blackwater of finance, almost a shadow government,” in a reference to the sometimes controversial military/security firm.
42) A Call From President Obama?
In an interview in 2012, Fink was questioned about his reaction if President Barack Obama ever called him to ask for his services! The CEO looked rather elated and replied, “I would certainly take the call and I would be a good listener.”
43) Delivering Unfailing Service With BlackRock
Commenting on the service provided by BlackRock in the aftermath of the financial crisis, Larry said, “We believe that people in the local community want to talk to BlackRock because of our global footprint, our global platform.
But we need to be vigilant in assuring that the connection with our client in Taiwan, in Santiago, is no different than our clients in New York or London.”
Larry Fink Personality
44) For Fink, Respecting And Reacting To Problems Is The Key To Solving Them
In an interview with Bloomberg, Larry Fink revealed that while he and BlackRock go around solving financial problems within companies and various governments, “People always asked me what do I care about the most for our company, and that’s an easy answer; it’s respect.”
45) The Wall Street Wise Man
Fink is a very passionate and intense man, one for whom the value of honesty is never underestimated.
J.Tomilson Hill, the vice chairman of Blackstone Group, described him as, “He is a very strong personality.
He will give you a point of view when a lot of people don’t want to be pinned down.”
46) Larry Fink Has Earned Wall Street’s Trust
Fink’s business practices have made him one of the most trusted men found on Wall Street.
Experts say that Fink only deals with the clients’ money instead of profiting his own firm under their name, thus remaining 100% loyal to his clients.
This stance has earned him a reputation to go with being the most influential man in the industry.
47) A True Leader
According to peers, Larry himself is an exceptional leader, one who stands by his people in times of crisis.
Venture capitalist Ken Langone expressed his opinion about the CEO in the following words,“There is no hidden agenda with Larry.
He’s right out front.
He doesn’t run for the hills like some other so-called business leaders.”
48) Fink – An All In One Persona
While governments and financial institutions approach Fink for advice regarding numbers, old friends and colleagues call him an “endless entertainer.”
He’s an intelligent and easy conversationalist.
According to his old friend Ken Wilson, “He has a tremendous ability to network.
He is always getting information, getting feedback, testing things out.”
49) An Extraordinary Mind At Work
Larry is best known for his speed-of-light comments while he talks fluently about a topic that is dear to him.
In interviews, his extraordinary mind has been described as “moving at 90 mph!” However, the biggest attribute that pulls all of Wall Street to him is the charisma and passion that flows eloquently in his words.
50) Belief In Putting No Limits To Success
Fink believes there are no limits to where one can go in one’s passion, a daring quality in an ambitious leader.
He is often described as a guy “who always wanted more than he had.”
A friend and partner at First Boston said about him, “He had his nose pressed to the window.
You could sense this intense ambition.”
51) Learning From Past Mistakes
Part of Larry’s personality is owing to the mistakes he made at First Boston.
The life-shaping event taught Larry how to conduct himself in financial circles from then on.
According to a noteworthy banker, “Larry worked very hard to repaint himself.
When you are fired, there is a drive to redeem yourself, to prove yourself, to show people that you have the goods.
I think that is a lot of what motivates Larry.
Without him, BlackRock would just be another big asset-management company.
But Larry has put it in center ring.”
52) Paranoia Or Smart Wit?
When asked about Larry Fink’s character, there is one attribute that every friend and associate chips in: paranoid.
However, if being paranoid is what makes you the founder of the largest money management company in the world, so be it! According to Greg Fleming, a friend, the event at First Boston made Larry, “One of the most obsessive, paranoid – appropriately paranoid – people about making sure he understands what could go wrong.
Which is why he is very focused on driving BlackRock forward at all times.”
53) One Of Fink’s Most Prominent Qualities: His Enthusiasm
All throughout the financial crisis and even way before it, Fink has been the man approached by CEOs for advice and handy tips on running their investment banks.
One sees intense enthusiasm for helping others in Fink’s personality, something that is nil in most CEOs belonging to highly competitive markets.
He is famous for being “happy to give advice and not hesitant to call and give it even before he’s asked!”
54) Larry and BlackRock – ‘Too Big To Fail’?
Despite being of tremendous help in the financial meltdown of 2008, Larry and BlackRock’s power over the world financial system has attracted a lot of criticism, worry and scrutiny.
BlackRock is now a company that is considered too big to fail and observers are worried about the way it can affect financial markets.
In one view, “a risk that needs to be considered is the impact of having so much of the global market influenced by one firm, by the perspective of one man.”
55) Fink’s Response To Setbacks Faced By BlackRock
When asked about the setbacks that BlackRock has faced, especially in the largest real estate deal in the history of the country, Larry said, “When you manage money, you are going to make mistakes.
You are not going to be 100 percent perfect.
Our job is to minimize those problems, to cauterize them,” Fink said, his voice rising.
“We’re not perfect, and I’ve never said to anyone that we are going to be perfect.
Our investors had all the information we did and they did their own due diligence.”
56) High Importance To Ethics And Morals
Despite building an empire in the effort to prove his skills on the job, Larry’s discontent is visible when he hears about Wall Street companies trying to fill their own pockets with money.
Fink’s “moral issue” with such companies is not a hidden emotion.
The CEO believes in honest to the core trading, which is the reason for his success.
57) Insightful And Knowledgeable
Just like any CEO should be, Larry is very insightful when it comes to a discussion about the reasons for failures in the financial circle.
He speaks from experience and is known as a trusted advisor.
His opinion about the 2008 meltdown is rather interesting.
He said, “But I don’t like pointing fingers, because I feel it was the culture of America that was guilty.
We were living fat and happy and the whole system was one of excess speculation and leverage.
Maybe, getting back to knowing your risk – as happened to me at First Boston – we should have all been asking why people were making so much money.”
58) A Truly Global Entrepreneur
After the success of BlackRock in the United States, Larry took the company global, which was also an inevitable consequence of the high-profile mergers it was involved it.
At present BlackRock operates in 60 countries worldwide with 20 international offices.
One third of the company’s assets are managed by non-U.S. investors and one third of the 10,200 employees are outside the US.
Larry Fink: Other Work
59) BlackRock’s Interest In Other Businesses
With Larry’s sharp business acumen, not only has BlackRock surged to great heights in fund management, it has also acquired majority stakes in other conglomerates.
One such company is Apple, for which BlackRock is the largest shareholder, with an investment amounting to $15 billion in shares.
60) Meeting With The Spanish Prime Minister
With his years of experience, Larry has been a constant advisor to not only private clients but to countries and economies as well.
Since the meltdown in 2008, he has been in constant touch with the Treasury to advise possible plans of action in the U.S. economy.
More recently, the financial guru was seen meeting with the prime minister of Spain to discuss problems plaguing the country and the strengths on which the country can leverage itself.
61) A Regular On CNBC
Larry is a regular face on talk shows and TV channels, especially CNBC, because his business acumen and thorough knowledge of economies and financial securities is a true asset.
He is often seen advising the general investor on how to manage investments.
62) Part Of The Team At The Museum Of Modern Art
Larry’s interest in the arts has led him to be a member of the Board of Trustees at the Museum of Modern Art.
63) Larry Fink – Ever Ready To Do Risky Business!
Even expert bankers shy away from predicting the next round of interest rates and the general conditions in the market for the next quarter.
However, Larry Fink shies away from nothing.
The CEO has constantly given predictions about economic conditions and has even vowed to buy Treasury securities if they yield an above 4% return!
Larry Fink Achievements
64) Forbes CEO List
In 2010, Larry made it to the Forbes list of highest-paid CEOs.
He ranked at No. 55 with a compensation of $23.11 million in 2009.
65) Who’s Larry Fink?!
Even though Larry Fink is today known as the “Most Important Man in Finance,” he is a quiet person himself.
According to interviewers, the name Larry Fink comes as a surprise to most people in social circles and one hears a blank response to the question of “who is Larry Fink?” However, as far as Wall Street is concerned, there are many who aspire to be in the shoes of this living legend.
66) One Of The Most Powerful Men In The World
In December 2012, Larry was put on the Forbes list of The Most Powerful Men in the World.
He was ranked No. 42 because of his prestigious status in the financial circles of the United States.
67) The Best CEO Ever!
Larry was named CEO of the Decade in 2011 by Financial News.
Not only this, ever since 2005, Larry been named the Best CEO by Barron’s each year because of his outstanding leadership and commitment at work.
68) One Of World’s Highest-Paid CEOs
By Wall Street standards, Fink’s compensation is modest.
Yet by global standards, he stands as one of the highest-paid CEOs in a time that most companies are still finding their feet and consolidating their ground.
As of 2009, Fink was paid $17.65 million, out of which $8.1 million was a reserved stock amount.
69) Discussed In Top Business Magazines
Larry Fink caught the business circle’s eye back in the 1980s when he contributed generously to First Boston’s bottom line.
He appeared in the Investment Dealer’s Digest and the Wall Street Journal Centennial Edition as one of 28 business people under 40 who could be Leaders of Tomorrow.
Larry Fink Professional Opinion
70) Fink On The European Crisis
Being a financial whiz, Larry thinks the problems going on in the European bloc are not the result of one nation’s banking system.
In fact, what is needed is a study of the financial system of the entire bloc and the repercussions that powerful economies have had on the weaker ones.
This insight from Larry is valuable and may even lead to a permanent solution to the problems faced, one of them being the “fall of Greece.”
71) The Way Ahead For Europe
In Fink’s words, Europe’s problems are far from over.
He said, “I don’t think [the European debt crisis is over].
I think we will have more volatility there.
We still have not addressed the Greek problem.
We are in the midst of reviewing what is happening in Ireland.
We still have the banking system in Europe which is under capitalized.
You had the governor in Italy saying his banks need more capital.
Spain and other countries are saying their banks may need more capital.
You put this idea in, the need for more capital to the financial system plus the sovereign credit difficulties, which would probably cause a reduction in capital.
We will still have more volatility out of Europe.
It will probably be a negative trend.”
72) Dealing With The New Market
When asked about the best way to deal with uncertainty in the new global economic conditions, Larry’s reply was swift and simple.
He said adaptability is the best way to make sure one can survive in adverse conditions, at least till a more permanent solution can be devised.
73) Standing Out From The Crowd
Larry’s persona of wanting to stand out from a crowd is reflected clearly in BlackRock’s business proposition.
In the aftermath of the financial crisis, Larry cleared BlackRock’s position by saying, “I remind people and regulators that 100% of our business is a client-serving business.
We are in agent in all our businesses.
This is not our capital.
This is not our balance sheet.
We don’t have leverage.
What caused the credit crisis was leverage.
We are a different animal.
We are only an agent.”
74) The World Is ONE Economy
Globalization is a big concern for Larry when it comes to sustaining powerful economies.
For him, every resourceful country will have an impact on the world economy in a number of ways.
His views regarding the Middle Eastern situation are, “Saudi Arabia is probably the most troublesome country to answer.
I think the government will manage the situation properly.
They have offered a big infusion into the economy.
It is a very wealthy economy with huge oil reserves and huge reserves.
It is a very large population in the Gulf region.
It is the largest population in the entire Gulf region.
That is what produces the uncertainty.
The world is dependent on their 8-9 billion barrels per day.”
75) Fink: The Biggest Challenge Of Leadership Is Politics
In an interview with McKinsey & Company-, Larry expressed his opinion about a much challenged leadership role by saying, “I think the most prominent change we are facing is the growing impact of politics on business.
This is an ongoing challenge that has never been greater.
We’re witnessing now in China, in Europe and the United States, this tug of war between a business sector that is looking for a strong message, strong leadership and a little more consistency from the government.
The cycle of politicians is just too short.”
76) Mr. Fink’s Advice To Investors-1.0
Taking financial advice form Fink seems just fitting, considering his immense contribution on the topic.
He urges investors to be “bold in thinking” and to “accept the new world of investing.
There’s no sense in waiting for a return to what was.
Investors should be seeking to capitalize on what is.”
77) Mr. Fink’s Advice To Investors-2.0
Being the head of an asset management company, Larry Fink should be heeded while deciding on the combination of an investment portfolio.
He said, “Cash should be in your portfolio, but it should not be your portfolio.
But having too much can be costly because of zero interest rates provided on it.“
78) ‘How Can The Market Regain Investor Trust?’
For Larry this is a million-dollar question. Running a client-based company, he believes the solution lies in taking responsibility.
In a McKinsey interview he said, “There is a need for a responsible voice.
There’s a need for a voice for savers.
There’s a need to speak up – to speak up to a politician, speak up to a regulator –but not to speak at them, but to speak with them.
And so I believe our job is to be a better solutions provider to our clients, a better solutions provider to governments, a better solutions provider to regulators, and most important not to talk at them.”
A Family Man
79) The Finks — A Happy Couple Since The 1970s
Larry Fink and Lori Fink have been happily married since the middle of 1970.
The two have three children together, all of whom have gone on to hold prominent positions in the business industry of America.
80) Larry Loves Spending Time With His Family
A grandpa at 58, Larry loves to spend time with his grandchildren.
Some of his favorite pastimes are fly fishing and skiing.
The passionate CEO also owns an impressive and valuable folk art collection.
81) BlackRock Offshore Funds
Larry owns and directs BlackRock Funds, which is an open-end family fund that he has maintained for personal use.
He is also the director of BlackRock Offshore Funds.
Larry Fink Charity
82) Support Of NYU Cancer Institute
In October 2010, Larry and his wife, Lori, attended the Cancer Institute Gala at the Pierre Hotel in New York.
The couple’s appearance at the event is a tradition that they have been following in support of the NYU Cancer Institute.
83) Larry’s Contribution To Robin Hood
Larry is a supporter of the poverty alleviation organization, Robin Hood.
Aiming to improve the quality of life in New York, Robin Hood receives regular donations from Larry Fink.
He has said, “All of us have a responsibility to help others in our community, and Robin Hood’s support for innovative approaches provides an exceptional model for tackling the barriers to lifting New Yorkers out of poverty and into a better quality of life.
I look forward to contributing to the outstanding work in venture philanthropy done by the Robin Hood board and staff.”
84) What Robin Hood Says About The Finks
After Larry was elected to the board of directors at Robin Hood, the executive director, David Saltzman, said about the Finks, “Larry and his wife Lori have long been friends of Robin Hood.
In 2011 he served as co-chair of our annual benefit and in the process helped raise nearly $50 million for New Yorkers in need; we are thrilled to add him to our board of directors.”
85) A ‘Perfect Fit’ For Organizations Like Robin Hood
Even though philanthropy is a strong point in most of the top-notch CEO résumés, the task of eradicating poverty and raising funds for a good cause fits particularly well with Larry’s personality.
His valuable presence on the board is described by the charity as, “Larry’s unrivaled expertise in navigating complex business challenges and his dedication to helping New Yorkers make him a perfect fit for Robin Hood.
Poverty has proven to be an intractable opponent and his ability to tackle tough issues combined with his well-earned reputation as a straight-shooter will greatly benefit New Yorkers in need.”
Larry Fink Inspirational
86) Generating Confidence With Larry Fink’s words
When questioned about the way investors’ confidence levels have gone down with the general issues in the financial system, Larry explained with a very relevant example, “I think we have a very vicious circle and it’s causing us to freeze.
Another great problem in America is the lifecycle of a CEO. Research shows it is something close to five years.
So when someone becomes the CEO, he has worked ten years to become, to prove it to his colleagues, the shareholders, the clients and the board and soon he is reminded he has a very small window to make sure he can preserve that job.”
87) Larry’s Philosophy Of Leadership
Running the world’s biggest money management company can be an excellent role model for leadership.
However, the humble Larry Fink still relates to an “I am a student” philosophy when it comes to leadership.
For him there is no limit to how much you can learn while being in a leadership position.
In his own words: “I’m still a student.
I am still learning today as much as I was learning 36 years ago when I started in this business.”
88) Stressing The Importance Of Cultural Values In Times Of Crisis
According to Fink, to rebuild economies, one needs trust.
And for trust, a strong culture is a prerequisite.
“The skill set each firm needs – not just one individual needs – is consistency of message surrounded by a very strong, deep culture.
I think culture in this day and age, with this quick news cycle, is even more important than ever before.
And obviously culture and the principles surrounding a culture start with leadership.
It starts with the daily messaging or the quarterly messaging, but more importantly it starts in the way you conduct your business as an executive or as the executive team.”
89) Larry Fink Not One To Back Out Of Challenges
With the increase in globalization, where the presence of BlackRock world over has become a necessity, the challenges posed by the phenomenon are intense in nature as well.
Larry has argued that for a company like BlackRock, that has its essence in customer service and technology, these challenges are all the more pronounced.
Nonetheless, if there’s anything to be learned from this Wall Street figure, it’s persistence.
90) Delivering Consistent Service – Larry’s First Priority
The advent of BlackRock lay in its founder’s commitment to providing exceptional risk management.
Twenty-three years later, BlackRock still follows through to that goal.
According to Larry, “We need to make sure that citizens of BlackRock in various parts of the world think of BlackRock in the same way.
And I’m not here to suggest we’re doing it perfectly.
This is the biggest fundamental issue we all struggle with as a global company: making sure we’re delivering in a consistent way in terms of the client’s views of BlackRock.
And we’re not talking about a product that’s in a box, or something that’s the same thing everywhere just with different language on it in different parts of the world.”
91) Infusing Leadership In Aspiring Newcomers
Inspiring newcomers is a task that Larry takes rather personally.
He loves to deliver a motivational speech and welcome new hires in financial circles.
In an interview he said, “One thing I try to tell BlackRock citizens worldwide – and I gave a speech to our new incoming class of 230 young hires just yesterday – I said to them, ‘Here I am running this company not quite 25 years.
And I still spend an hour a day studying the world and the markets.’
And if it’s not an hour, it’s an hour and a half a day.”
92) Larry’s Belief In Continuous Improvement
Continuous improvement and growth are two variables that go hand in hand.
Larry Fink is a staunch believer in this concept, as he has said, “In my view, if you don’t believe you’re learning, if you’re not a student, you’re probably going backward.
To be vibrant, to be helpful, to be innovative to your clients, you have to be aware of the political and economic forces worldwide, how that translates into an investment strategy, and how that translates into a risk-management strategy.”
93) Running A Business Is Like Living A Passion
Fink’s credentials were substantial enough for any conglomerate to want him and his expertise on board back in 1986 when he left First Boston.
However, it has been sheer passion that drives this CEO as he runs his own company to this day.
For him, “Passion obviously is an individual characteristic.
It can be manifested in so many different ways.
I’m pretty vociferous.
I try to bring people in to be more engaged.
I try to force people to ask questions.
How each individual exhibits passion can be quite different, but most important, passion is about doing the right thing.
It sounds kind of corny, but it’s making sure you live up to your expectations and live up to your promises.”
94) Larry’s Message To The World Is Simple
As a message to the world, Larry has one main point to emphasize – on learning.
He said, “To me as a leader, that is one of the most important messages to everyone.
If you think you’re not a student today, and you’re not out there learning, then you’re not going to know how to govern this country.
And my message to employees is similar.”
95) Nothing Like Other Fortune 500 CEOs
Unlike other high-profile CEOs of various business industries, Larry doesn’t travel in a private jet when he goes back and forth from his New York office and his suburban estate.
Instead he likes to travel on the train and take commercial airlines for his business trips.
96) Dreaming And Living Your Dream: Different For BlackRock’s CEO
While inspiring students and young graduates, Larry talks about dreams and making them come true.
He has said, “They talk about their dreams.
And I try to tell them, ‘You know, there are many more dreams out there, than there are success stories.’
The ratio of dreams to success stories is very, very skewed.
And the reason is that success is about consistency and living up to the dream by being comprehensive in how you execute.”
97) Being Wrong Is Part Of The Game… Larry Learned From Experience
Those who think that one wrong can be the end of their success are in for a surprise.
Larry learned from experience that when one door of opportunity closes, another one opens.
To him, BlackRock has given his team a “great opportunity to be one of those unique institutions, one of the global leaders in the business.
And I don’t even think we’re close to where we could get.
So obviously I still have a very large ambition to really make this into an even more robust organization.
You do it by exhibiting a passion to provide that solution to your clients, to do the best you can, to not be frightened to be wrong.
You’re going to be wrong sometimes.
Obviously, you need to be wrong much less often than being right.”
98) Staying Abreast With World Changes – Even After Being Worth $340 Million!
Since continuous improvement is his mantra, Larry stays up-to-date with world politics and economics even after being the founder of a multinational investment company.
He gives the same lesson to his fellows and fans.
He has said, “It is really important to evolve with the world.
And if you don’t, you’re going to fail.
As you watch how so many companies have failed, they may have been very good with one product for one moment.
But they didn’t monitor the evolution of that product or the evolution of that information and thus did not adapt fast enough and became irrelevant – or else their product became irrelevant.”
99) BlackRock CEO’s 2012 Compensation
According to records, Larry Fink’s base salary has been the same $500,000 since 2001.
However, cash and stock bonuses have increased tremendously as BlackRock continues on a successful path.
As of 2012, his total compensation valued $20.2 million.
100) Learning Lessons After Being In Business For 40 + Years
Being in the same field for more than 40 years, Larry Fink has learned his fair share of lessons and met all kinds of people.
According to Larry, “I learned how in these big giant firms, they are your partners when you do really well, and I found out, not great partners when you do poorly.”