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Bank of America to drop Merrill Lynch

Bank of America has decided to remove the Merrill Lynch name from some of its businesses. However, Merrill Lynch Wealth Management will continue to keep the name. A Bank of America news release said Merrill Lynch Wealth Management, with its thundering herd of advisors, will keep its name and fall under a new sub-brand known simply as Merrill. That sub-brand will use the trademark bull in its logo and also include Merrill Edge, Merrill Guided Investing and Merrill Private Wealth Management, which previously was known as the Private Banking and Investment Group. Bank of America’s investment bank, trading operations and units that worked with corporate clients were known as Bank of America Merrill Lynch. Under the rebranding, the investment bank and trading businesses will be named BofA Securities, while the units dealing with corporate clients will be called Bank of America. U.S. Trust, a wealth management unit that Bank of America purchased in 2007, will be renamed Bank of America Private Bank. Bank of America had bought Merrill Lynch during the 2008 financial crisis.

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