Bank of America Corp (BAC)

[stocksnoway]

Think again Jack!
By Trevor Hunnicutt
NEW YORK (Reuters) - Bank of America Corp, the No. 2 U.S. bank, has agreed to sell responsibility for about $87 billion in money-market funds and other products it manages to BlackRock Inc in one of the money market industry's largest deals ever.

The transaction comes as massive banks have faced pressure to simplify their businesses since the global financial crisis and marks the largest in a series of deals reshuffling the cash-management industry before a set of costly regulatory reforms take effect in 2016.

The agreement is expected to lift the global cash-management business at BlackRock, the world's largest asset manager, from about $285 billion to $372 billion.

Lmao!