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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 ...
Thain then became the last chairman and CEO of Merrill Lynch & Co. before its merger with Bank of America. He was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22, 2009.
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]
In May 2007, Fleming and Ahmass Fakahany were named co-presidents of Merrill Lynch. [18] In June 2008, Fleming became chief operating officer. [19] After the Bank of America merger was completed in January 2009, [20] Fleming resigned from Merrill Lynch to teach at Yale University, [21] becoming a senior research scholar and lecturer in law. [8]
In 1968, Komansky joined Merrill Lynch as a broker. He became a regional director in 1981 and an executive vice president in 1990. Komansky served as a director and chief executive officer of Merrill Lynch from December 1996 to December 2002, and as a director, president and chief operating officer of the firm from January 1995 to December 1996.
Bank of America completed the acquisition of Merrill Lynch & Co on January 1, 2009. [2] Bank of America began rebranding all of its corporate and investment banking activities under the Bank of America Merrill Lynch name in September 2009. [3] Bank of America Merrill Lynch branding was used from 2009 to 2019. In April 2011, Bank of America ...
On 3 December 2007, John Thain, the new chief executive officer at Merrill Lynch and Chai's former boss at the NYSE, announced that Chai would join Merrill in the position of chief financial officer starting on 10 December; the move was part of a management shake-up at Merrill, initiated due to their losses in the 2007 subprime mortgage financial crisis. [3]
At McKinsey he worked on the Merrill Lynch account for ten years, and helped develop Merrill's online internet strategy. [12] In 1999, he joined Merrill Lynch in the newly created role of chief marketing officer. [15] He also joined the 19-member executive management committee. [15] Within two years, he was in charge of Merrill's brokerage ...