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The deal valued the brokerage at $50 billion. Thain was expected to be president of global banking, securities and wealth management, a new division at Bank of America, to oversee its corporate and investment bank and most of wealth management business. [12] Upon joining Merrill Lynch, Thain received a $15 million signing bonus.
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 ...
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]
Chairman and CEO [9] 2018 Former vice chairman of American Express since 2015 2018-10-01 Anthem: Joseph R. Swedish: Chairman, president and CEO [10] 2013 Previously with Centura Health and Trinity Health (Livonia, Michigan) 2018-10-01 Apple: Tim Cook: CEO [11] 2011 Replaced Steve Jobs: 2018-10-01 Arcelor Mittal: Aditya Mittal: CEO [12] 2006
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]
At that time, he remained CEO and chair of Bank of America's board. Moynihan stated he planned on remaining CEO for years. [23] In 2023, Moynihan's total compensation from Bank of America was $27.8 million, representing a CEO-to-median worker pay ratio of 230-to-1. [24] Moynihan was a fellow at Brown University from 2016 to 2027. [25]
Bank of America Merrill Lynch branding was used from 2009 to 2019. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. [4] In October 2013, Bank of America Merrill Lynch was recognized as the Most Innovative Investment Bank of the Year [5] in The Banker's Investment ...
Joseph Grano is currently Chairman and CEO of Centurion Holdings LLC, a company that advises private and public companies. From 2001-2004, he was Chairman of UBS Financial Services Inc. (formerly UBS PaineWebber).