When was merrill lynch bought by bank of america

In addition, Bank of America will dump the name Merrill Lynch from its investment bank and trading operations and keep just "Merrill" as the brand for its wealth management division. In a press release Monday, the company said it had already begun a multiyear advertising campaign to highlight the changes. It released a new corporate logo in November. The Charlotte, North Carolina-based bank acquired Merrill Lynch a decade ago in the heat of the financial crisis.

It used to be known by its brokers as "Mother Merrill. The investment bank and trading business will now be called BofA Securities, while the units working with corporate clients will be called Bank of America. The acquisition was put together Sunday as Wall Street awaited the fate of battered investment bank Lehman Brothers LEH , Fortune , which early Monday said it would file for bankruptcy. Throughout the weekend, Bank of America BAC , Fortune was considered a potential acquirer of Lehman, though those discussions had broken off by Sunday afternoon.

Under the deal, Merrill sharesholders are to receive 0. Concerns had been growing that Merrill would need to take more writedowns and raise more capital to shore up its balance sheet. A spokesperson for Merrill Lynch would not comment. Attempts to reach Bank of America for comment were unsuccessful.

But the company's statement said the deal was good for both firms. Bank of America is the nation's No. A recent addition to the Dow Jones industrial average, it is the largest by market value. But it the Charlotte, N. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.

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