Budapest is a TIER THREE operations and back office support center for BlackRock. First tiers are New York and London. Second tiers offices are in all other markets where BlackRock does have an active local market presence as an asset manager like Paris, Frankfurt, Singapore, San Francisco, etc Thirds tiers are Budapest, Guargon India, and similar shared offices, where BlackRock does not have ANY ACTIVE MARKET PRESENCE AS AN ASSET MANAGER. THIRD TIER centers like Budapest do not generate revenue as a pure asset manager because BlackRock has no active market presence in HUNGARY.
The BUDAPEST office exists to support TIER 2 AND TIER 1 offices. They outsource and offshore work from all over the world (even from ASIA) to BLACKROCK BUDAPEST and bringing here manual, repetitive, checklist based, customer servicing or call center work. There are hundreds of administrative positions at this HUB which are often given a fancy, shiny name to make it look more attractive.
Everything in here reflects third tier, the way you are treated and deprioritased by TIER 1 and TIER 2 global teams and TIER 1 and TIER 2 global co-workers. The tasks you are given are not meaningful or challenging and mostly do not require university degree education.
The Budapest office is hosting lots of visitors from the USA. These visitors come to see what other manual, repetitive, low complexity and time consuming tasks they can offshore to BUDAPEST and to give us motivational and inspirational speeches and tell us their whole life stories. Their speaches are informative and inspiring and will lift yourtöbb... spirits for the next one hour. BUT all these speaches get very little traction on he ground in a TIER THREE OFFICE, simply because even the smartest MANAGING DIRECTORS from NEW YORK CITY will not understand or know the challenges, problems, and the day to day operations of the Budapest Office.
Budapest office is very different from NEW YORK and from the TIER TWO offices. Therefore the disconnect between the BLACKROCK Budapest office is getting worse. Local IT system and infrastructure is the worst I ever seen. No laptops, no desktops, no phones will be provided to workers. This is not a joke. Everyone below director level has no laptop to save costs. If you want to phone you will have to use a soft phone via your remote arrangement. No physical desktop phone will be given. Frequent full power cuts and network outages which can only ever happen in a TIER THREE office. Can you imagine a full power or network outage in London, New York or Frankfurt, with no back up power.
Constant over promises and lies by the local management:
1. "We are the best office." - Compared to what? third tiers? Compared to Guargon? 2. "Everyone abroad is raving about the Budapest office and the fantastic work you guys do." - Noone abroad really cares and you know this. Guys in London even told me directly that they have the impression they building an alternative little India SSC in Budapest, ie. low cost back office center. 3. "You are founders." -Haha this is the best actually, they already hired 400 PEOPLE and THE office been up and running for 16 months, they still call all of them founders. Can I be a founder without getting a single stock option and zero equity in my company i founded? Not really. 4. This office is called by the local MD as as an "innovation and TECHNOLOGY HUB". But, they do not even give laptops, or desktops or deskphones or enough RAM memory and internet networking capacity or speed to do the work, still dare to call themselves a TECH HUB. Unfortunately the local leaders will tell you that it is technological innovation if Budapest employees can work without an own laptop, own desktop, own deskphone, and with full remote desktop arrangements.
THE TRUTH IS THAT THIS IS NOT INNOVATION THIS IS SIMPLE COST CUTTING, because thoose equipments are the ABSOLUTE MINIMUM you need to do your work and to be productive. Sadly, cost savings are maximised and the local hype machine by the HR and by the MD is fully maxed out at all times.
If you are okay with TIER THREE working life as detailed above and enjoy telling all your friends on social media that: ohh by the way I am working for BlackRock, I am working for an asset manager, I am a FOUNDER! Just please do not allow them to find out the truth or to read this review!kevesebb
Very competitive place. Offers new challenges everyday, good learning, although a lot depends on the team & the manager. Workload is quiet high but after getting used to the work one can find worklife balance. Managers have too much power & if someone is stuck with a wrong manager, things would become very difficult