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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 ...
Brian Thomas Moynihan (born October 9, 1959) [1] is an American lawyer, investment banker and businessman who is the chairman, president, and CEO of Bank of America, having been promoted to these positions in 2010. [2] [3] [4] He is a member of the Council on Competitiveness [5] and Partnership for Rhode Island, [6] among other boards.
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]
Ken Lewis, CEO of Bank of America, reportedly forced Thain to step down after several controversies, such as the losses at Merrill Lynch which proved to be far larger than previously estimated, and the award of huge executive bonuses. Thain then was chairman and CEO of the CIT Group. [1] [2] He has been a board member of Uber since 2017.
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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 ...
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