Bank of America to remove Merrill Lynch name from some business units
: Merrill Lynch Wealth Management, with its thundering herd of advisors, will keep its name and fall under a new sub-brand known simply as Merrill. That sub-brand will use the trademark bull in its logo and also include Merrill Edge, Merrill Guided Investing and Merrill Private Wealth Management, which previously was known as the Private Banking and Investment Group.
Bank of America’s investment bank, trading operations and units that worked with corporate clients were known as Bank of America Merrill Lynch, the Journal notes. Under the rebranding, The investment bank and trading businesses will be named BofA Securities, while the units dealing with corporate clients will be called Bank of America.
U.S. Trust, a wealth management unit that Bank of America purchased in 2007, will be renamed Bank of America Private Bank. Bank of America purchased Merrill Lynch in the depths of the 2008 financial crisis. The rebranding appears to reflect the bank’s push to better integrate its businesses. As one example of that initiative, Merrill Lynch Wealth Managementfor financial advisors to their ability to get clients to use BofA’s banking services.
“We are continuing to unify the company, continuing down the road we started on a decade ago,” CEO Brian Moynihan told the newspaper.Bank of America is retaining the Merrill Lynch Wealth Management name for that business. An earlier version of this article stated that Bank of America was rebranding it as Merrill.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A stock-trading star just quit Bank of America Merrill Lynch after less than 2 years at the firmBank of America's head of equity derivatives, a 35-year-old star trader, is leaving the company, according to people familiar with the matter.
Read more »
Stock Buybacks Are on Track for Another Record YearAmerican companies are still in love with stock buybacks, which are on pace for another record year, according to Bank of America Merrill Lynch. That is despite some political opposition.
Read more »
BofA culls the herd on the streetThe $284 bln lender is eliminating the Merrill Lynch name from its investment bank and shortening it at its brokerage. Ditching an acquired firm’s brand can be a tough call. But after a decade, CEO Brian Moynihan can easily judge where it has value – and where it doesn’t.
Read more »
The Greatest Investor You’ve Never Heard Of: An Optometrist Who Beat The Odds To Become A BillionairePart Peter Lynch and part Warren Buffett, Herbie Wertheim buys stocks he understands, doubles down if his high-conviction picks go against him, and holds through market booms and busts.
Read more »
The Greatest Investor You’ve Never Heard Of: An Optometrist Who Beat The Odds To Become A BillionairePart Peter Lynch and part Warren Buffett, Herbie Wertheim buys stocks he understands, doubles down if his high-conviction picks go against him, and holds through market booms and busts.
Read more »