BlackRock Racial Audit Shows Struggles to Retain Black, Latinx Leaders

Black and Latinx leaders at BlackRock Inc. are quitting so quickly that it’s nearly offsetting the Wall Street firm’s efforts to diversify its ranks, according to an audit by former US Attorney General Eric Holder and the law firm where he’s senior counsel.

Retention was identified as one of BlackRock’s challenges, even as the world’s largest money manager met some goals on diversifying its overall workforce since 2020, according to the review by Covington & Burling LLP, which was retained by BlackRock to conduct the audit.

Attrition rates of Black senior leaders almost equaled increases in hiring, leaving senior Black representation ...