Bank of America is phasing out the 105-year-old Merrill Lynch brand | CNN Business (2024)

FAQs

Is Bank of America getting rid of Merrill Lynch? ›

The investment bank and capital markets business is ditching the 104-year old name to become BofA Securities and its wealth management businesses will collectively be called "Merrill," without the Lynch.

It just became a division of Bank of America. Merrill Lynch continues to provide brokerage and wealth management services.

Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the financial crisis of 2007–2008, the same weekend that Lehman Brothers was allowed to fail. The acquisition was completed in January 2009 and Merrill Lynch & Co., Inc.

NEW YORK (AP) — Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the Wall Street brokerage giant of racially discriminating against its Black financial advisers.

Beyond that, advisors felt that Merrill's limitations, demands, and pressure to put clients in banking products that didn't make sense (read violation of Reg BI for which there are consequences) led to significant client attrition.

Bank of America Merrill Lynch is Now Bank of America & BofA Securities. Our award-winning analysts provide insightful, objective and in-depth research to help you make informed investing decisions.

Any assets you hold in your Merrill Cash Management Account ® (CMA account) are protected by the Securities Investor Protection Corporation (SIPC). The SIPC provides up to $500,000 of account protection per client, inclusive of up to $250,000 for cash.

What Is Merrill Lynch & Co.? Merrill Lynch & Co. is the former name of a prominent Wall Street investment firm. Since its acquisition by Bank of America (BAC) in 2009, it has become known simply as “Merrill” and operates as a wealth management division of Bank of America. Founded by Charles E.

Merrill is a good company if you're looking for an established financial advisor to help create and implement a plan to meet your financial goals. Whether you're looking for guidance on investing or selling a business, Merrill can help with various levels of service and options for both in-person and online advising.

WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, ...

What family owns Bank of America? ›

Bank of America is one of the largest consumer banks in the United States, with $3 trillion in customer deposits and other assets. The largest shareholder is Warren Buffett's Berkshire Hathaway, which holds 13% of all marketable shares.

Bank of America, one of the largest banking and financial services brands and corporations in the United States. It was formed through NationsBank's acquisition of BankAmerica in 1998.

That fell to a net decline of 703 financial advisors in 2022 and, last year, to a drop of 445, or less than half the amount seen two years earlier. At the end of last year, Merrill Lynch reported a total of 18,916 client-facing financial advisors across its various business models.

Throughout the 1930s, Fenner & Beane was consistently the second largest securities firm in the US. The combined firm, which became the clear leader in securities brokerage in the US, was renamed Merrill Lynch, Pierce, Fenner & Beane.

The rebranding marks BofA's biggest step away from the legendary 105-year-old firm known for its “thundering herd” of brokers since the two companies unexpectedly merged in 2009 during the throes of the financial crisis. BofA wants “growth on a unified basis,” Moynihan said in a statement Monday.

Merrill Edge is a good choice for long-term investors, especially those who already have an account with Bank of America. The Preferred Rewards program offers discounts and perks that increase with your balance—so you could benefit by having deposit and investment accounts under the same roof.

BofA Securities, Inc., previously Bank of America Merrill Lynch (BAML), is an American multinational investment banking division under the auspices of Bank of America. It is not to be confused with Merrill, the stock brokerage and trading platform subsidiary of Bank of America. Merrill Lynch & Co.

You can simplify your financial life with Merrill Edge, which offers the investment insights of Merrill Lynch plus the convenience of Bank of America banking.