What did Friedrich Merz, the current Chancellor of Germany, do at BlackRock before he was born? Was he good or rather mediocre?

From “super lobbyist” to the Chancellery: A ruthless analysis of Friedrich Merz’s economic years

Friedrich Merz currently serves as Chancellor of Germany. However, even after his return to the top of the political ladder, one chapter of his biography remains the subject of heated debate and numerous myths: his years in the private sector.

Between his initial departure from politics and his triumphant comeback, Merz was no ordinary private citizen. He moved in the highest circles of the global financial elite. Critics branded him a "lobbyist for big business" during this period, while supporters praised his economic expertise as an indispensable qualification for the chancellorship. His role at BlackRock, the world's largest asset manager, in particular, became emblematic of this controversy.

But what was the current Chancellor really doing back then? Was he the operational decision-maker juggling billions, or "just" a well-paid door opener? And how successful was he outside of Wall Street – for example, as a supervisor at HSBC or as a turnaround manager at Cologne/Bonn Airport?

To understand Chancellor Merz's governing style, one must analyze Merz the manager. We take a detailed look at his records and assess his performance: Where did he shine as a strategist, where did he simply benefit from his network – and where did serious weaknesses become apparent?

Economic Performance Check: Was Friedrich Merz really worth his money? The Chancellor's Record

Friedrich Merz, who has been Chancellor of the Federal Republic of Germany since May 6, 2025, worked in the private sector before returning to top-level politics. His most prominent position was with the US asset manager BlackRock.

Here is a detailed analysis of his work and an assessment of his performance in this role.

The facts: What exactly did he do?

Friedrich Merz was the chairman of the supervisory board of BlackRock Asset Management Deutschland AG from 2016 to 2020.

It is important to understand the precise nature of this position, as the title is often misunderstood:

No operational management

He did not work as a traditional fund manager, buying or selling stocks on a daily basis. He did not manage portfolios and did not make direct investment decisions for client funds.

Strategy & Control

As chairman of the supervisory board, he formally oversaw the management of the German subsidiary.

Lobbying & Door Opener

His unofficial, but arguably most important, role was that of a "super-lobbyist." He used his massive political network to give BlackRock access to decision-makers in Berlin and Brussels. He was considered the "face" of BlackRock in Germany.

Was he "good" or "mediocre" at it?

The assessment depends heavily on the standard applied – that of the company or that of the public.

From BlackRock's perspective: Very good (high ROI)

Friedrich Merz was an excellent choice for BlackRock. He fulfilled exactly the purpose for which he was hired.

Network access

Merz opened doors at the highest level. He arranged meetings between BlackRock CEO Larry Fink and German finance ministers (including Wolfgang Schäuble and Olaf Scholz). For a US financial corporation that was often viewed critically in Germany (the "locust" debate), this direct line was invaluable.

reputation

He gave the anonymous financial giant a bourgeois-conservative, trustworthy face.

Strategic advice

BlackRock's then-head of Germany, Dirk Schmitz, described him as a "valuable advisor" who provided important geopolitical and economic analyses.

From a technical/operational perspective: Not relevant

If one defines "good" as "talented investor," then this cannot be assessed, as that was not his role. He was not a financial mathematician or analyst. His expertise lay in the legal and political spheres, not in "generating alpha" positions on the stock market.

From a critical political perspective: Effective, but controversial

Critics and NGOs (such as Finanzwende and LobbyControl) assessed his work as problematically effective. He championed issues that benefited BlackRock, such as private retirement savings through stock markets and the European Capital Markets Union.

The Cum-Ex Shadow

His tenure coincided with the investigation into the Cum-Ex transactions. Although these took place before his time at BlackRock, as a member of the supervisory board he had to manage cooperation with the investigating authorities. He ordered that "everything be clarified," which was interpreted partly as a crisis management success and partly as a mere exercise of duty.

Salary as an indicator

His salary for the supervisory board position was estimated at approximately €150,000 per year. For the world of high finance, this might initially sound like a small amount ("mediocre"). However, this was only a part-time position. His total income (including other mandates such as those at HSBC Trinkaus or WEPA) was significantly higher, often in the millions. The fact that BlackRock retained him for over four years demonstrates that the company was satisfied with his performance as a representative and strategist.

Summary judgment

Friedrich Merz wasn't an "investment genius" at BlackRock (because that wasn't his job), but he was a highly effective strategic ambassador. He delivered exactly what the company needed: political influence, legitimacy in the German market, and exclusive access. In this specific role, he was far more successful than average.

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The Merz principle: Brilliant in the background, weak on the crisis front

Friedrich Merz, in this scenario the current Chancellor (since 2025), held an extremely extensive portfolio of mandates before returning to top-level politics. His career as a “multi-board member” and corporate lawyer was often more financially and strategically successful than his early political career, but also riskier.

Here is a detailed analysis of his most important other mandates besides BlackRock.

Financial sector: HSBC Trinkaus & Burkhardt

The details

• Period: 2010 to 2019 (Supervisory Board), later also Administrative Board.
• Role: He was, among other things, chairman of the Risk Committee.

Was he good at it?

• Financially/Strategically: Good. He secured the bank access to industrial clients and political circles. The bank was long considered a reliable institution for German SMEs.
• Supervision/Governance: Moderate to critical. His tenure coincided with the investigations into the Cum-Ex and Cum-Cum transactions. The public prosecutor's office investigated the bank for tax deals. As head of the risk committee, Merz should have recognized these risks earlier. He consistently argued that he only learned of them late, which critics (including Finanzwende) interpreted as either a self-serving claim or an admission of inadequate oversight.

Industry: Stadler Rail (Switzerland)

The details

• Period: 2006 to 2020.
• Role: Member of the Board of Directors.

Was he good at it?

• Rating: Very good.
• Merz advised the Swiss train manufacturer on its massive international expansion and successful initial public offering (IPO) in 2019. This IPO made him personally wealthy (he held stock options). His legal expertise and understanding of international transportation markets were invaluable to the company. He acted as a classic strategic advisor, avoiding any scandals.

Public infrastructure: Cologne/Bonn Airport

The details

• Period: 2017 to 2020.
• Role: Chairman of the Supervisory Board.

Was he good at it?

• Rating: Rather poor / Failed.
• This is arguably the least glamorous aspect of his portfolio. Merz was brought in to make the airport more profitable, but immediately found himself embroiled in a massive conflict with the workforce and local politicians (including Cologne's mayor, Henriette Reker) when plans for partial privatization became public. The resistance was so strong that his power to shape policy quickly eroded. He eventually resigned, officially to focus on politics, but also, in reality, because the situation had reached a stalemate.

Medium-sized businesses: WEPA Industrial Holding

The details

• Period: 2009 to 2021.
• Role: Chairman of the Supervisory Board.

Was he good at it?

• Rating: Solid / Good.
• WEPA is a large hygiene paper manufacturer from the Sauerland region (his home region). Here, Merz fulfilled the role of a trusted "family advisor." It was a stable, low-key position that underscored his down-to-earth nature and commitment to traditional German family business practices. No scandals, steady growth.

Legal basis: Mayer Brown LLP

The details

• Period: 2005 to 2021 (Partner, later Senior Counsel).
• Role: Corporate lawyer in a large international law firm.

Was he good at it?

• Rating: Excellent.
• This was his bread-and-butter job. Merz was an enormously profitable partner. He specialized in M&A (mergers and acquisitions) and banking regulation. He was considered not only a legal expert but, above all, a "rainmaker" who brought in clients through his network. His work on the sale of WestLB became well-known (and criticized), where he charged high daily rates (around €5,000), earning him a reputation as a tough businessman.

Conclusion and overall analysis

When one assesses Friedrich Merz's career in business, a clear pattern emerges:

• Strategic door opener | ⭐⭐⭐⭐⭐ (Excellent) | At BlackRock, Mayer Brown and Stadler, he delivered networks and deals.
• Supervisor of medium-sized businesses | ⭐⭐⭐⭐ (Good) | At WEPA, he acted as a reliable anchor.
• Crisis controller | ⭐⭐ (Average) | Oversight at HSBC (tax scandals) appeared inadequate.
• Public Manager | ⭐ (Bad) | He failed at Cologne/Bonn Airport due to political resistance.

Overall verdict

He was extremely successful in the private sector as long as he could operate behind the scenes as a consultant and networker. However, as soon as he became involved in operational conflicts with significant public involvement (airport) or required in-depth operational oversight (bank compliance), his weaknesses became apparent.

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