Bank of America to phase out the name Merrill Lynch a decade after takeover
Bank of America is set to drop the name Merrill Lynch more than a decade after it acquired the long-standing financial services firm amid the financial crisis.
The bank will phase out the company’s name from its trading and investment banking operations, executives told the Wall Street Journal.
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Merrill Lynch, founded in 1914, was bought by Bank of America at the height of the financial crisis in January 2009 but its name has lived on through the acquisition.
The bank’s wealth management business – Merrill Lynch Wealth Management – will also be rebranded to just Merrill.
“We are continuing to unify the company, continuing down the road we started on a decade ago,” Chief executive Brian Moynihan said in an interview with WSJ.
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The bank’s quarterly profit tripled at the end of last year to a record $7.3bn (£5.6bn) as it beat analysts’ expectation led by growth in its consumer banking business.
Its investment bank performed less well, however, with fixed-income trading revenue falling 15 per cent to $1.45bn following market volatility in the fourth quarter.