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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.
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]
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]
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]
In January 2009, Wigley resigned [12] as Chair of Merrill Lynch Europe, Middle East and Africa following the completion of its takeover by Bank of America. [13] Since 2004, Wigley had chaired Merrill Lynch's EMEA Region Executive Committee with responsibility for a business with $6bn of revenue, $3bn of pretax income and 8,000 employees in 23 ...
From 2001-2004, he was Chairman of UBS Financial Services Inc. (formerly UBS PaineWebber). [ 1 ] Grano joined PaineWebber in February 1988 as President of Retail Sales and Marketing, and became President of PaineWebber Group in December 1994.
Earnest Stanley O'Neal (born October 7, 1951 [2]) is an American business executive who was chairman and CEO of Merrill Lynch from 2003 through 2007, having served in numerous senior management positions at the company prior to this appointment.