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The bank also announced that its investment and wealth management offerings would become "Merrill" products, although the Wealth Management team's logo still includes the well-known Merrill Lynch bull.
According to the company, the main financial advisory unit will continue to operate under the name "Merrill Lynch Wealth Management".
Bank of America took over Merrill Lynch in 2008 at the height of the Wall Street pandemonium. But Bank of America's commitment to the Merrill Lynch brand gave it a long life after death. Names like Bear Stearns and Wachovia have not been so lucky.
In a statement, managing director Brian Moynihan said the changes would occur in the coming months.
US Trust, which Bank of America bought in 2007, will now be called Bank of America Private Bank, the bank announced.
Merrill Lynch was founded in 1914 by Charles Merrill and Edmund Lynch. The company grew to become an important retail brokerage group that aimed to expose ordinary investors to the stock market. Its brokers are now known as the "knockout herd".
The bank also acquired a seal on Wall Street for its investment banking business.
Since then, the new entity has gained value and Bank of America seems to believe that it's time to move on.
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