With widespread whispers of an approaching recession and an economic boom that didn’t quite benefit everyone, it can still sometimes feel as though the financial meltdown of 2008 is still with us.
So, it’s perhaps fitting that one of the big financial-services brands that nearly bit the dust in those days is back in the news—if only to say a final goodbye.
Bank of America earlier today announced that a little more than a decade after acquiring Merrill Lynch in the heat of Wall Street’s meltdown, it is dropping that name from most of its business divisions.
Specifically, Bank of America will strike the Merrill Lynch name from its trading and investment-banking operations.
Meanwhile, its wealth-management business will lose the “Lynch” and retain only the “Merrill.”
The institutional broker-dealer business will henceforth be known as BofA Securities, while the erstwhile Merrill Lynch’s Private Banking and Investing Group becomes Merrill Private Wealth Management.