Merrill Lynch

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Merrill Lynch & Co., Inc.

logo
legal form Corporation
founding January 6, 1914
Seat New York City
Number of employees 60,000
Branch Financial services
Website ml.com

Merrill Lynch & Co., Inc. ( ML ) has been a wholly owned subsidiary of Bank of America Corporation since January 1, 2009 and is responsible for high net worth individuals, investment banking and capital markets across the Group . Bank of America continues investment banking under the Bank of America Merrill Lynch brand. Merrill Lynch is headquartered in New York and has offices in over 40 countries, with headquarters for Europe , the Middle East and Africa in London .

history

The credit institution was opened on January 6, 1914 by Charles E. Merrill in Wall Street, New York . In the same year Edmund C. Lynch joined the company. In 1915 the bank was renamed “Merrill Lynch & Co”. In the 1920s, more offices were opened in Detroit , Chicago , Denver and Los Angeles and a rapid expansion began, which was, among other things, encouraged by early warnings of the 1929 stock market crash. In 1971 Merrill Lynch went public. The story of Merrill Lynch and its founder Charles Merrill is inextricably linked with the democratization of American equity culture.

In 2006, Merrill Lynch merged its investment management business with financial firm BlackRock to create a new company, Merrill Lynch owning half (49.8%) of the shares. It made BlackRock one of the world's largest asset management companies, with assets under management of $ 1.4 trillion. BlackRock uses the product name "Merrill Lynch" z. B. for investment funds of your investment company "Merrill Lynch International Investment Funds" (MLIIF).

As part of the US mortgage crisis , the bank had in fiscal year 2007 balance sheet write-downs amounting to 23.2 billion US dollars of its holdings of US collateralized debt bonds (CDO) and subprime make customer loans. The then CEO Stanley O'Neal had to leave the company at the end of October 2007 due to this development.

Merrill Lynch and Bank of America announced in September 2008 the merger of the two institutes, which was completed on January 1, 2009 by exchanging one Merrill Lynch share for 0.8595 Bank of America shares, based on the share price immediately before Announcement of the takeover corresponds to a takeover premium of 70%. Merrill Lynch Chairman and CEO John Thain , who was in office until the takeover, was responsible for Global Banking, Securities and Wealth Management at the combined bank. He was forced to resign at Merrill Lynch in late January 2009 because of billions of dollars later discovered.

Merrill Lynch agreed to a $ 160 million settlement in 2013 following lawsuits from 1,200 dark-skinned employees for racial discrimination.

structure

Merrill Lynch is divided into the two core areas “Global Markets & Investment Banking Group” (GMI) and “Global Wealth Management” (GWM) and thus offers a comprehensive range of services for private investors, institutional investors and companies.

Merrill Lynch is one of the leading global investment banks in the capital markets business, including the issuing and trading of securities and derivatives, as well as advising companies, governments, institutional and private investors.

Merrill Lynch in Germany

After the takeover by Bank of America, Merrill Lynch appears in Germany under the name “Bank of America Merrill Lynch”. The partner is "Merrill Lynch International" in London, whose management, European boss Alex Wilmot-Sitwell, is chairman. Germany as a location essentially comprises global markets and investment banking activities such as advising on mergers and acquisitions (M&A), IPOs and capital increases (ECM) and borrowing (DCM). In the area of ​​asset management, BofAML offers a wide range of investment certificates and bonds, as well as special asset management funds.

For private investors, Merrill Lynch offers a wide variety of certificates and other structured finance products . Investment funds with the abbreviation MLIIF in their name are launched by the Luxembourg SICAV “Merrill Lynch International Investment Funds” (MLIIF) and are not sold by Merrill Lynch, but by its affiliate BlackRock .

Merrill Lynch in Switzerland

In Switzerland , Merrill Lynch Bank (Suisse) SA in Geneva and Zurich offers all banking services for wealthy private clients. There is also another office in Zurich that is responsible for Merrill Lynch's capital market activities in Switzerland.

Julius Baer, ​​Switzerland's leading private banking group, has approved the purchase of Merrill Lynch's International Wealth Management (IWM) business outside the US and Japan from Bank of America (BofA), subject to regulatory approvals and Shareholders. As of June 30, 2012, IWM had assets of USD 84 (CHF 81) billion under management and more than 2000 employees including 500 financial advisors. Around two thirds of the assets managed by IWM come from clients domiciled in growth markets in Asia (more than half), Latin America and the Middle East. The transaction, a combination of acquisitions of legal entities and business activities, is expected to result in additional assets under management of between CHF 57 and 72 billion by the end of the two-year integration phase, around two thirds of which will come from growth markets.

Individual evidence

  1. ^ The Time 100: "Charles Merrill": http://www.time.com/time/time100/builder/profile/merrill.html
  2. ↑ BlackRock company information: http://www.blackrockinvestments.de/IndividualInvestors/Support/AboutUs/Overview/index.htm .
  3. ↑ Merrill Lynch press release of October 30, 2007: "Stan O'Neal Retires From Merrill Lynch; Alberto Cribiore to Serve as Interim Non-Executive Chairman and Chair Search Committee."
  4. ↑ John Thain (CEO) presentation at the 2008 Citigroup Financial Services Conference on January 30, 2008: http://files.shareholder.com/downloads/MER/264931295x0x164198/c7306b49-cdbd-4cc1-b41a-90f9745d65f7/citibankPresentation.pdf . "
  5. ↑ Merrill Lynch press release of September 15, 2008: "Bank of America Buys Merrill Lynch, Creating Unique Financial Services Firm": Archived copy ( Memento of the original of September 17, 2008 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. . @1@ 2Template: Webachiv / IABot / www.ml.com
  6. ↑ Bank of America press release: "Ken Lewis Announces John Thain Role With Bank of America": http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=MER%3AUS&sid=arhKJsnQJ1iw .
  7. ↑ Thain Pushed Out at Bank of America Merrill After Loss widens " http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aF.bqMdzXm0Q .
  8. ↑ Million Compensation - Merrill Lynch accepts settlement for discrimination Handelsblatt dated August 29, 2013
  9. ↑ ML Invest ( Memento from June 7, 2009 in the Internet Archive )
  10. ↑ Internet site of Merrill Lynch Bank (Suisse) SA: Archived copy ( memento of the original from June 6, 2004 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.mlbs.ch

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