Mother Merrill is fading away.
Bank of America
plans to tell employees Monday that it will phase out the Merrill Lynch name from some of the bank's businesses. Charlotte, N.C.-based Bank of America has bought the Wall Street Story over a decade ago.
Bank of America plans to remove the Merrill Lynch name from its trading and investment banking operations, executives said. It will also rebrand the bulk of its wealth management business as simply Merrill. These are the key businesses that Bank of America acquired in the deal, when Merrill Lynch sold itself in a fire sale in the heat of the 2008 financial crisis.
Rebranding marks the end of the era. Merrill Lynch had a long history on Wall Street. Unlike other companies that were bought during the crisis, it managed to live, at least after the acquisition,
. It also reflects how times have changed at Bank of America. The bank was once again embroiled in various postcrisis issues to devote energy to renaming major businesses it bought. CEO Brian Moynihan said in a statement, "We are continuing to unify the company, continuing down the road we started a decade ago," said in a statement. an interview.
The investment bank, trading operations and units dealing with corporate clients were known as Bank of America Merrill Lynch, or BAML for short. The units working with corporate clients will now go to Bank of America. The investment bank and trading businesses will be called BofA Securities.
Merrill Lynch Wealth Management, the largest part of the bank's wealth business, will be renamed Merrill. The trademark bull will remain in its logo. U.S. Trust, a 2007 wealth management acquisition that works with ultrawealthy clients, will now be called Bank of America Private Bank.
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