At the end of 1994, BlackRock was managing $53 billion.[12] In 1994, Schwarzman and Fink had an internal dispute over methods of compensation and equity.[11] Fink wanted to share equity with new hires, to lure talent from banks, unlike Schwarzman, who did not want to further lower Blackstone's stake.[11] They agreed to part ways, and Schwarzman sold BlackRock, a decision he later called a "heroic mistake."[11][13] In June 1994, Blackstone sold a mortgage-securities unit with $23 billion in assets to PNC Bank Corp. for $240 million.[4] The unit had traded mortgages and other fixed-income assets, and during the sales process the unit changed its name from Blackstone Financial Management to BlackRock Financial Management.[11] Schwarzman remained with Blackstone, while Fink went on to become chairman and CEO of BlackRock Inc.[11]