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Home / Business / Bank of America phases out the 105-year-old Merrill Lynch mark

Bank of America phases out the 105-year-old Merrill Lynch mark



Bank of America ( BAC ) said Monday that it will no longer use the Merrill Lynch name for the investment bank and trading divisions. Instead, these companies will form a unit called BofA Securities.

The bank also said that investment and asset management will become "Merrill" products, although the wealth management team logo will still include Merrill Lynch's famous bull.

The main financial advisory unit will still act as "Merrill Lynch Wealth Management," according to the company.

Bank of America acquired Merrill Lynch in 2008 at the height of the Wall Street pandemonium. But the Bank of America's commitment to the Merrill Lynch brand gave it a long life. Names like Bear Stearns and Wachovia were not so lucky.

In a statement, CEO Brian Moynihan said the changes would occur in the coming months.

The US Trust, which Bank of America bought in 2007, will now be called Bank of America Private Bank, the bank said.

Founded in 1

914 by Charles Merrill and Edmund Lynch, Merrill Lynch. The company grew into a massive retail brokerage that would expose everyday investors to the stock market, and its brokers became known as "thunderous flocks".

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

] The bank also got the cache on Wall Street for the investment bank.

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

Since then, the merged entity has increased in value, and Bank of America America seems to believe it's time to move on .

The company took in NOK 7.3 billion in profits last year. The results in 2018 hit $ 28.1 billion, a record.

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