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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]
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 ...
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]
A net 75 percent of the managers surveyed said they believed the world economy will strengthen in the coming year, while 70 percent believe corporate profits will rise over the next 12 months ...
BofA Merrill Lynch Fund Manager Survey Reports Surge in Investor Confidence on Global Growth Outlook "Great Rotation" Into Equities From Fixed Income Gains Ground NEW YORK--(BUSINESS WIRE ...
He was president and co-COO of Goldman Sachs, and then CEO of the New York Stock Exchange. 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 ...