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Tuesday 15 October 2013
 
filet noir
london

Bank of America Simplifies Corporate Structure

Bank of America announced today that it has completed the merger of its Merrill Lynch & Co., Inc. subsidiary into Bank of America Corp. Bank of America previously stated that it was considering merging Merrill Lynch & Co., Inc. directly into Bank of America Corp. as early as the fourth quarter of 2013. The merger has no effect on the Merrill Lynch name and brand, and will have no impact on customers or clients.

Subsidiaries of Merrill Lynch & Co., Inc., a holding company, will continue to operate under the Merrill Lynch name and brand. Bank of America’s primary broker-dealer, Merrill Lynch, Pierce, Fenner & Smith, and its non-U.S. broker-dealer entities will continue to operate under their current names and brands.

As of Oct. 1, in connection with the merger, Bank of America Corp. assumed all of Merrill Lynch & Co., Inc.’s obligations, including its outstanding U.S. and non-U.S. debt securities, its obligations regarding outstanding trust-preferred securities, and its guarantees of both outstanding non-U.S. debt securities issued by its subsidiaries and trading contracts of its subsidiaries. Also, as a result of the merger, Merrill Lynch & Co., Inc. will cease to separately file reports with the U.S. Securities and Exchange Commission.

(source :Bank of America)