Bank of America stops using his investment trademark ‘Merrill Lynch’. The financial group has announced that. This part of the bank will be called ‘BofA Securities’, while the asset management activities will be renamed ‘Merrill’.
The large bank bought back its former peer Merrill Lynch over ten years during the financial crisis. Merrill Lynch was then about to topple and was protected from bankruptcy by Bank of America. After the completion of the acquisition, the bank decided in 2009 to keep the Merrill Lynch brand as a brand.
Bank of America Merrill Lynch has therefore been a well-known name in the financial world for years. Analysts and investors often also use the abbreviations BoFAML or BAML. The decision to move away from that name is part of a broader new marketing strategy. Top man Brian Moynihan has been trying since last year to boost the image of the bank and to detach more from legacies of the financial crisis.
About the author: Rick Culpepper
Rick Culpepper is of those journalists who dig the topic to the very bottom. He is often late with the delivery of the piece, but always does it perfectly. In his spare time, he collects data for one of the most high-profile investigations of corruption in the EU.