Why is Larry Fink 'Worried' About the Future of Work?

Larry Fink, CEO of BlackRock, has shared that he is “worried” about the impact AI will have on employment levels. 

Speaking at BlackRock’s 2026 Infrastructure Summit, Larry told attendees: “When this year’s college graduates enter the workforce, we could see the highest unemployment rate among them in years – even without a recession.”

According to Larry, the workforce is not adapting fast enough to “the speed at which AI is changing”, as he believes AI is “going to disrupt many of those types of jobs,” that once needed a college degree. 

AI’s impact on employment

AI is making significant changes to the structure of the workforce – with the King’s Trust finding that 55% of jobs currently held by young people are likely to change due to AI, and the UK Government projecting that the number of UK jobs directly involving AI activities could rise from 158,000 in 2024 to 3.9 million by 2035.

An analysis from Goldman Sachs also finds that hiring is slowing in many workplaces, which is making it more challenging for many young people to start their careers. 

Many companies are also announcing widespread layoffs as a result of AI streamlining organisations.

In March, tech company Atlassian announced it was cutting 10% of its workforce, as AI had significantly changed the organisation's workforce requirements.

Mike Cannon Brookes, CEO of Atlassian, announced the cuts in an employee memo, where he said: "It would be disingenuous to pretend AI doesn't change the mix of skills we need or the number of roles required in certain areas. It does.”

Mike continued: “I believe this is the right decision for Atlassian. But that doesn't mean it's easy. Far from it. I know this has a huge impact on each of you, and it weighs heavily on me and Atlassian today.”

The future of work in AI-enabled organisations

Some business leaders have gone so far as to suggest that AI could eliminate white collar work entirely. 

In an interview with the Financial Times, Microsoft AI CEO Mustafa Suleyman shared that he believes AI is going to make widespread changes to the professional working environment in as little as 12 months. 

He said: “White-collar work, where you're sitting down at a computer, either being a lawyer or an accountant or a project manager or a marketing person – most of those tasks will be fully automated by an AI within the next 12 to 18 months.”

According to Mustafa, this is because he believes “we're going to have a human-level performance on most, if not all, professional tasks.”

Increases in skilled labour

As the need for many roles traditionally held by college graduates decreases, Larry points to one key growth area for employment – skilled trades. 

He says that AI  is going to create many jobs and we’re not prepared as a society to fulfil those jobs. And to me, this is a crisis.”

To manage this “crisis,” BlackRock has announced a US$100m investment in the BlackRock Future Builders Initiative – which will connect workers to skilled trades training, with BlackRock saying it will support all stages of the training process.

When announcing this initiative, Larry said: “America needs an estimated US$10tn in infrastructure investment by 2033 to modernise aging systems and build new energy, digital and AI infrastructure. 

“Capital alone is not enough – people are central to building our nation’s future.”