Bank of America is phasing out the 105-year-old Merrill Lynch brand


Bank of America (LAC) On Monday, she will no longer use the name of Merrill Lynch for its investment banking and trading divisions. Instead, these companies will form a unit called BofA Securities.

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".

A view of the offices of Merrill Lynch, Fenner and Smith in 1958.

The bank also acquired a seal on Wall Street for its investment banking business.

Merrill Lynch was sold to Bank of America for $ 50 billion in September 2008.

Since then, the new entity has gained value and Bank of America seems to believe that it's time to move on.

The company made a profit of $ 7.3 billion last quarter. Profits in 2018 reached $ 28.1 billion, a record.


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