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Before he accepted the CEO position at Merrill Lynch, Thain reportedly was one of the runners-up to head Citigroup. [8] [9] Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis.
Later that day, Merrill Lynch was sold to Bank of America for 0.8595 share of Bank of America common stock for each Merrill Lynch common share, or about $50 billion or $29 per share. [ 50 ] [ 51 ] This price represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $21 a share, [ 52 ] but also ...
The company was founded on January 6, 1914, when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City. [11] A few months later, Merrill's friend, Edmund C. Lynch, joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. [12] At that time, the firm's name included a comma between Merrill and Lynch, which was dropped in 1938. [13]
Launched on June 21, 2010, [3] Merrill Edge is a "a no-frills brokerage unit" of parent company Bank of America's retail banking division. [4] Created after Merrill Lynch became a subsidiary of Bank of America in 2008, it contains the Merrill Lynch name and its employees are included in Merrill Lynch's number of employees. [5]
Chief Executive Officer [14] 2008 Succeeded Ian King: 2018-10-01 Bajaj Allianz General Insurance: Tapan Singhel: MD and CEO [15] 2012 President of the Indo-German Chamber of Commerce: 2018-10-01 Banco Bilbao Vizcaya Argentaria: Carlos Torres Vila: Chairman and CEO [16] 2015 Previously with Endesa: 2018-10-01 Bank of America: Brian Moynihan ...
In March 2000, Dimon became CEO of Bank One, the nation's fifth largest bank. [20] When JPMorgan Chase merged with Bank One in July 2004, Dimon became president and chief operating officer of the combined company. On December 31, 2005, he was named CEO of JPMorgan Chase, and on December 31, 2006, he was named chairman and president. [21]
In May 2007, Fleming and Ahmass Fakahany were named co-presidents of Merrill Lynch. [17] In June 2008, Fleming became chief operating officer. [18] After the Bank of America merger was completed in January 2009, [19] Fleming resigned from Merrill Lynch to teach at Yale University, [20] becoming a senior research scholar and lecturer in law. [21]
James Patrick Gorman [1] AO (born July 14, 1958) [2] is an Australian-American businessman and financier. He is Chairman Emeritus of Morgan Stanley.Prior to becoming Chairman Emeritus in January 2025, Gorman served as Executive Chairman from January to December 2024, CEO from January 2010 until December 2023 and Chairman from January 2012 until December 2023.