Merrill Lynch comes back to the stage with its brand and more workforce



image  Bank of America Corp announced its plan to spend $20 million in the fourth quarter of 2009 to relaunch Merrill Lynch’s name and long-time bull logo. Now the former Merrill Lynch and & Co’s operations will be known under the brand Merrill Lynch Wealth Management being one of the two primary units in Bank of America’s Global Wealth and Investment Management division, Sallie Krawcheck, the division’s president, told a press conference.

Krawcheck said that the Merrill Lynch operations and the U.S. Trust business, the other main unit, are two of the industry’s "crown jewels," adding that she feels the industry is beginning to rebound.

At present time Merrill Lynch is recruiting more advisers in addition its existing 15,000-member broker force, said Krawcheck. It shows a reverse trend from earlier this year, when several high-profile senior executives departed after Bank of America completed the acquisition of Merrill Lynch on January 1. The bull logo disappeared at the time of the merger.

U.S. Trust, the other major wealth business owned by Bank of America, will remain a separate brand from Merrill Lynch’s business, said Krawcheck. She said the two businesses need to work more closely together.

ECJ




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