Merrill Lynch:Bank Of America Buys Merrill Lynch
Merrill Lynch:Bank Of America Buys Merrill Lynch – Merrill Lynch has been bought by Bank of America for $50 billion.Merrill Lynch & Co., Inc. is one of the biggest brokerage and will be used by Bank of America to create a global financial services giant involved in everything from fixed-income trading to stock underwriting to credit card lending, which will rival Citigroup Inc., the biggest U.S. bank in terms of assets.Bank of America Chairman and Chief Executive Officer Ken Lewis said in a press release:
“Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders.”"Together, our companies are more valuable because of the synergies in our businesses.”
Merrill Lynch /Bank of America deal values Merrill at $29 a share but it was once worth $98.
That’s all we have for now on Merrill Lynch:Bank Of America Buys Merrill Lynch.
