Less than one week after Stanley O’Neal stepped down as chief executive officer Merrill Lynch & Co Inc has offered BlackRock CEO Laurence Fink the post of chief executive of the beleaguered broker.
Neal stepped down amid an $8.4 billion write-down in the third quarter, which resulted in a $2.3 billion loss - the largest quarterly loss in the company's 93-year history.
According to CNBC, Fink has two weeks to decide.
Fink told Reuters on Oct. 28 that he was unaware of a possible job offer. “I’m a happy CEO at BlackRock,” Fink said.
Possible candidate
As an expert in mortgage-backed securities, Fink is well-qualified to lead the embattled firm through the credit crisis.
This year alone under Fink’s leadership, BlackRock has seen a 28 percent jump in its share price whilst also earning $41 billion in new assets in the third quarter, far more than any rival.
In the past, he was rumored to be a candidate for Morgan Stanely's top slot; moreover, there were also reports that Fink would replace Chuck Prince at Citigroup following his resignation on Monday.
November 5 2007