The world's biggest money manager, BlackRock Inc, is now planning to hire three hundred lawyers to help the firm deal with fragmented banking global regulations.
According to BlackRock Chief Executive Officer Laurence Fink, "We're probably hiring another 300 lawyers and I'm not the one being regulated. I'm not a bank." He spoke at the St Gallen Symposium, a yearly conference held at the university at the eastern Swiss town.
Fink noted that his company holds the largest amount of bank equity and bank debt in the world. Thus the need to closely monitor the regulation of the financial industry has become paramount, especially after the 2007 to 2009 crisis where many governments were forced to provide funds to bail banks out.
He added, "There is no consistent manner in which bank resolution would be applied. It is a mess and we are trying to constructively work with our regulators. There is a need for better global coordinated regulations."
Many fo the world's top financial centers like the United Kingdom, Germany, France and the United States have yet to finalize rules to be applied based on an agreement many of these countries have endorsed nearly two years ago.
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