Tuesday, October 1, 2013

Merrill Lynch, legally, is no more

Merrill Lynch, as a legal entity, no longer exists, Bank of America announced Tuesday. The brand, the bull and the brokerage will continue on, however.

The Charlotte bank had continued to operate Merrill Lynch as a separate subsidiary since its acquisition in 2009. Merrill filed independent reports with the Securities and Exchange Commission, for example. In August, Bank of America said it wanted to dissolve Merrill into its corporation in an effort to reduce complexity.

The bank got the necessary approvals and the consolidation is effective Tuesday, the first day of the fourth quarter.

"The merger has no effect on the Merrill Lynch name and brand, and will have no impact on customers or clients," the bank says in its announcement.

2 comments:

Karen L. Dortschy said...

One of the best TV commercials ever, hands down, was Merrill Lynch's bull in the crystal/glass shop. RIP, Merrill Lynch.

Anonymous said...

Good to hear, since Merrill Lynch operated illegally for so many years.