Here today and gone tomorrow.
Bank of America Merrill Lynch – the firm born as a result of the shotgun marriage of Bank of America and brokerage Merrill Lynch during the financial crisis is about to shorten its name, according to CNN business news.
The Bank said that it is phasing out the Merrill Lynch brand for some businesses – namely its investment banking and trading divisions. Instead, these businesses will form a unit called BofA Securities.
Also, the investment and wealth management businesses will be re-branded “Merrill” products, though the wealth management team’s logo will still include Merrill Lynch’s famous bull.
The main financial advisory unit will still operate as “Merrill Lynch Wealth Management,” according to the company.
CNN reported that in a statement, CEO Brian Moynihan said the changes would take place over the coming months.
Merrill Lynch was founded in 1914 by Charles Merrill and Edmund Lynch. The company grew into a massive retail brokerage that aimed to expose everyday investors to the stock market, and its brokers became known as the “thundering herd.”
Merrill Lynch was sold to Bank of America for $50 billion in September 2008.