Bank of America Corp. is planning to drop Merrill Lynch from the branding of its investment bank, while it uses the name Merrill for its wealth management unit, according to a person briefed on the matter.
The Charlotte, North Carolina-based company will also drop the U.S. Trust name from its private bank, said the person, who asked not to be identified because no announcement had been made. The firm will refer to its investment bank as BofA Securities, the person said.
Bank of America acquired Merrill Lynch, known for its “thundering herd” of brokers pitching stocks to Main Street, in the depths of the financial crisis. The firm took steps to dissolve the Merrill legal entity in 2013, but had kept the brand name across retail and institutional businesses.
This article was provided by Bloomberg News.