BlackRock, Morgan Stanley Executives Are Cool to Reddit Mania

Gorman says rally traders are in for a ‘rude awakening’
BlackRock’s Hildebrand calls the mania irrational ‘nonsense’

WATCH: BlackRock’s Hildebrand says the pandemic remains the biggest market risk and sees no cause for reassessing the fundamental market outlook.Source: Bloomberg

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By Benjamin Robertson, Suzy Waite, and Sridhar Natarajan

January 28, 2021 at 11:13 AM UTC

Updated on

January 28, 2021 at 4:00 PM UTC

This article is for subscribers only.

Finance industry stalwarts are responding to the market mania triggered by retail traders on Reddit. They’re not impressed.

BlackRock Inc. Vice Chairman Philipp Hildebrand called the phenomenon irrational “nonsense,” while Morgan Stanley Chief Executive Officer James Gorman said those involved are in for a “rude awakening.”