| NEWS ARCHIVES |
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| Bank of America to spend US$20mil in Q4 to relaunch Merrill Lynch branding |
| 6 Oct 2009 |
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Bank of America (BoA) will spend as much as 20 million US dollars in the fourth quarter of 2009 to re-launch Merrill Lynch's name and long-time bull logo.
The former Merrill Lynch operations will now be known as Merrill Lynch Wealth Management.
It will be one of two primary units in BoA's Global Wealth and Investment Management division.
Speaking at a press conference, the division’s president, Sallie Krawcheck, says the Merrill Lynch operation is one of the industry’s "crown jewels".
She adds that the industry is beginning to rebound.
Ms Krawcheck says Merrill Lynch is now adding more advisers to its 15 thousand-strong broker force team, compared to those who are leaving.
That’s reversing a trend from earlier this year, when several high-profile senior executives departed after BoA completed the acquisition of Merrill Lynch.
The bull logo disappeared at the time of the merger.
BoA acquired Merrill Lynch in a 29 billion US dollar deal agreed to at the height of the financial crisis last fall.
The deal made BoA the largest wealth manager in the country. |