Merrill Lynch & Co., Inc. ( ML) since 1 January 2009, a wholly owned subsidiary of Bank of America Corporation and responsible within the Group for the business with high net worth individuals, investment banking and capital markets business. Under the Bank of America Merrill Lynch brand, the Bank of America leads continued investment banking. Merrill Lynch has its corporate headquarters in New York and has offices in over 40 countries, with the headquarters for Europe, Middle East and Africa is in London.
The bank was opened on January 6, 1914 by Charles E. Merrill in New York's Wall Street. In the same year, Edmund C. Lynch joined the company. 1915, the bank was renamed " Merrill Lynch & Co". In the 1920s, further offices were opened in Detroit, Chicago, Denver and Los Angeles and began a rapid expansion, which was favored among others by early warnings before the 1929 stock market crash. In 1971, Merrill Lynch went public. The story of Merrill Lynch and its founder Charles Merrill is inextricably linked to the democratization of American stock culture.
In 2006, merged Merrill Lynch maintains its investment management business with the finance company BlackRock in a new company, in which Merrill Lynch half of the shares. BlackRock was thereby one of the world 's largest asset management company with assets under management of $ 1.4 trillion U.S. dollars. BlackRock uses the product name " Merrill Lynch " eg Investment fund its capital investment company " Merrill Lynch International Investment Funds " ( MLIIF ).
In the wake of the U.S. subprime credit crisis, the Bank had to make in fiscal 2007 balance sheet adjustments in the amount of 23.2 billion U.S. dollars in its portfolio of U.S. collateralized debt bonds ( CDO) and subprime loans. The then- CEO Stanley O'Neal was forced to leave due to this development the end of October 2007, the Company.
Merrill Lynch and Bank of America announced in September 2008 to the merger of the two institutions, which was completed on 1 January 2009 by a Merrill Lynch shares against 0.8595 Bank of America shares were exchanged, which directly based on the share prices before announcement of the acquisition of a takeover premium of 70 %, respectively. The reigning until the takeover Merrill Lynch Chairman and CEO John Thain was responsible in the combined bank for the Global Banking, Securities and Wealth Management. It was end of January 2009 was forced to resign because of later discovered holes billion at Merrill Lynch.
After complaints from 1200 dark-skinned employees for racial discrimination Merrill Lynch left in 2013 to a comparison of over 160 million dollars.
Merrill Lynch is divided into 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.
In the capital market business, including the issuing and trading of securities and derivatives as well as in the consulting business for corporations, governments, institutional and private investors, Merrill Lynch is one of the leading global investment banks.
Merrill Lynch in Germany
After the takeover by Bank of America Merrill Lynch enters into Germany under the name " Bank of America Merrill Lynch " on. Shareholder is the " Merrill Lynch International" in London, its management boss Alex Wilmot - Sitwell Europe headed as Chairman. The location of Germany mainly comprises the Global Markets and Investment Banking activities, such as advising on mergers and acquisitions ( M & A), initial public offerings and capital increases (ECM ) and borrowings (DCM ). In the asset management BofAML offers a wide range of investment certificates and bonds, as well as specialized asset management funds.
For private investors, Merrill Lynch offers a variety of certificates and other structured financial products. Investment funds with the abbreviation MLIIF in the name are issued by the Luxembourg SICAV " Merrill Lynch International Investment Funds " ( MLIIF ), and not by Merrill Lynch, but sold their equity firm BlackRock.
Merrill Lynch in Switzerland
In Switzerland, the Merrill Lynch offers Bank ( Suisse) SA in Geneva and Zurich all banking services for high net worth private clients. In addition, there is another office in Zurich, which is responsible for the capital market activities of Merrill Lynch in Switzerland.