Bank of America has no plans to fully sever strategic ties with BlackRock, the world's largest asset manager, Chief Executive Officer Brian Moynihan told analysts in Boston on Thursday, [despite] BlackRock's announcement on Wednesday it planned to sell 34.5 million shares owned by Bank of America, in a secondary offering that could cut BofA's ownership from 33.9 percent to 12.6 percent. Moynihan said the relationship between the two companies will extend beyond his and BlackRock Chief Executive Laurence, or Larry, Fink's tenures. "We'll be together for the duration of Larry and mine's career and beyond," Moynihan said. [Reuters]
BlackRock Employee Has Less Than One Hour To Stretch, Mentally Prepare For Shot At Olympic(-ish) Glory (Update)
BlackRock sees your piddling food eating contests and raises you a real challenge. The contender: BlackRock portfolio manager The event: Long jump, on the trading floor The details: "The guy jumped 25 feet in college; market is biased at him going 15 feet and shorter. $2,000 pool so far. Larry Fink has $50 on the guy crossing 15 feet. Jump is at 3PM." While sadly there are no special uniforms involved (the guy is wearing "work clothes and sneakers") and no sand pit, this is still nevertheless tremendously exciting. But first up, men's freestyle wrestling. We'll be back after this. Stay tuned.