Bank of America will dump the name Merrill Lynch from its investment bank and trading operations and keep just "Merrill" as the brand for its wealth management division, according to a report Monday in The Wall Street Journal.
The Charlotte bank acquired Merrill Lynch a decade ago in the heat of the financial crisis. It used to be known by its brokers as "Mother Merrill." But the name stuck with the firm even after the Bank of America merger where other storied Wall Street names, including Smith Barney and Bear Stearns, faded away.
The investment bank and trading business will now be called BofA Securities, while the units working with corporate clients will be called Bank of America.
U.S. Trust, another powerful Bank of America brand, is also being replaced, the WSJ said. The private bank to the ultra wealthy will now be known as Bank of America Private Bank.
This is a developing story. Check back for updates.
Read the WSJ story here.
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