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Bank of America to name Merrill Lynch from some companies

Mother Meryl disappears.

Bank of America

BAC 1.46%

said he would terminate the name Merrill Lynch. America's Bank of Charlotte, North America, bought this Wall Street store more than a decade ago.

Bank of America plans to remove the name of Merrill Lynch from its commercial and investment banking operations, managers said on Monday. It will also make the bulk of its wealthy business like Merrill. These are the key businesses that Bank of America acquires in the deal when Merrill Lynch is sold for sale at the height of the financial crisis of 2008

Rebranding marks the end of an era. Merrill Lynch has a long history on Wall Street. Unlike other companies that were bought during the crisis, she managed to live at least after the acquisition.

The change also reflects how Bank of America times have changed. The bank has once been too involved in various post-crisis issues to devote energy to the renaming of the big companies it has bought. Now, however, it changes steadily, registers profits, partly by encouraging different units to work together more closely. said in an interview.

Merrill Lynch was founded in 1

914 by Charles Merrill. His friend Edmund Lynch soon joined him. Over the years, the company has grown into an army of brokers all over the country, sometimes referred to as the "thunderbolt" for the bull used in the company logo to help invest in the masses. The company also built a great investment bank. Her corporate culture is called "Mother Meryl" because of her maternal attitude towards employees and customers.

In 2000, then CEO Stanley O'Neill pursued a more effective strategy that put more emphasis on risky bets, such as the accumulation of mortgage assets. After all, this irritation caused the company serious problems that led to its sale.

Bank of America was a deep-rooted bank in the South that grew rapidly through ordinary businesses such as retail banking and business lending. The night deal made the Bank of North Carolina a huge player in Wall Street's business, such as investment banking and commerce, as well as wealth management.

The proposed merger quickly became a conflict. Cultural clashes continued after the end. Earlier, Bank of America executives announced they would keep Merrill Lynch's name for some companies "for a longer-term perspective". investment bank, commercial operations, and corporate clients are known as Bank of America Merrill Lynch, or BAML for short. Units working with corporate clients will now switch from Bank of America. The investment bank and commercial companies will be called BofA Securities.

The management of Merrill Lynch Wealth Management, the largest portion of the bank's wealth, will be renamed Merrill. The trademark bull will remain in your logo. US Trust, a 2007 wealth gainer that works with the richest clients, will now be called Bank of America Private Bank.

The retail banking sector is undergoing another major change and the future looks high-tech, complex and, for the big banks, very urban. So, what has changed? Photo: Shambh Wright / The Wall Street Journal
The decision to keep part of Merrill's name in the management of wealth is "obvious," said Mr. Moynihan. "In the wealth management business, this is the first brand that exists."

While the names of the different units are changing only now, the culture of what was once Merrill Lynch is already transformed under the ownership of Bank of America. Mr. Moynihan has introduced a strategy for responsible growth across the country that emphasizes the stability of annoyance and does not take into account the type of risk taking that once made a lot of money to Merrill but also plays an important role in his fall.

Moreover, many current senior managers in investment banking and commerce, for example, have never worked at Merrill Lynch. Tom Montag, who runs these businesses, works there only shortly before the deal after years at Goldman Sachs Group Inc.

Mr. Moynihan has pushed the various units to work together, although this may be a challenge. In the welfare management unit, independent financial consultants in the country are increasingly working with a consumer banking department. Now they are encouraged to distribute bank accounts to customers and other consumer products, which has caused some to complain. In the third quarter, for example, 36% of the bank's mortgage portfolio is from the wealth management business.

n. Moynihan, who became Chief Executive Officer in 2010, focuses more on branding now after years of working to drive out fires. The bank introduced a revised logo and advertising message at the end of last year. Bank of America's 2018 profit of $ 28.15 billion is the largest in the lender's history. While corporate tax cuts and interest rate hikes have contributed to the bank's profits, years have also played a role in reducing costs and focusing on key products such as primary payment accounts.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

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