Foreign media: BlackRock is restructuring its lobbying team to maintain the company's reputation and address regulatory challenges

ChainCatcher news, according to Business Insider, as the U.S. presidential election year approaches and Congress continues to scrutinize BlackRock, the company is restructuring a key lobbying team that handles relationships with government officials and regulators. BlackRock's Global Head of Corporate Affairs, John Kelly, recently wrote in a company memo that the asset management giant is looking to hire a new Head of U.S. Government Affairs and Public Policy, as well as a new Head of State Government Affairs. The state-focused position will be responsible for working in "priority capital" to manage state-level relationships. Kelly stated that the company is facing "increasing reputational pressure in the U.S., along with a range of complex policy challenges."

He noted that the company must "adjust its strategy and deploy more resources to address these challenges."