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The "Thundering herd" is becoming quieter.
Bank of America is downgrading the iconic name of "Merrill Lynch" as part of CEO Brian Moynihan's efforts to rename the company under one title.
BofA will remove the nickname Merrill Lynch from its investment banking and trading divisions, as well as the "Lynch" branch of the name of its private wealth management division, the bank said Monday.
Only Merrill Lynch Wealth Management, the most traditional brokerage unit, will retain the title of Merrill Lynch.
This brand change marks BofA's biggest breakthrough compared to the legendary 105-year-old company known for its "busting herd" of brokers since the two companies unexpectedly merged in 2009 in the midst of the financial crisis.
BofA wants "growth on a unified basis," said Moynihan in a statement on Monday.
"We are taking these next steps in how our brand will be perceived in the coming weeks and months to better reflect that," he said.
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