when did bank of america buys merrill lynch
September 14, 2008
title: Merrill Lynch text: the New York Stock Exchange under the ticker symbol MER. Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the 2008 Financial Crisis. The acquisition was completed in January 2009 and Merrill Lynch & Co., Inc. was merged into Bank of America Corporation in October 2013, although certain Bank of America subsidiaries continue to carry the Merrill Lynch name, including the broker-dealer Merrill Lynch, Pierce, Fenner & Smith. The company was founded on January 6, 1914, when Charles E. Merrill opened his Charles E. Merrill & Co. for business title: Bank of America Merrill Lynch text: Bank of America Merrill Lynch Bank of America Merrill Lynch (BAML) is an American multinational investment bank division under the auspices of Bank of America. Not to be confused with Merrill Lynch, the wealth management division of Bank of America, both firms are broker-dealers and engage in prime brokerage. It provides services in mergers and acquisitions, equity and debt capital markets, lending, trading, risk management, research, and liquidity and payments management. It was formed through the combination of the corporate and investment banking activities of Bank of America and Merrill Lynch following the acquisition of the latter by the former title: Bank of America Merrill Lynch text: in January 2009. Bank of America completed the acquisition of Merrill Lynch & Co on 1 January 2009. Bank of America began rebranding all of its corporate and investment banking activities under the "Bank of America Merrill Lynch" name in September 2009. In April 2011, Bank of America Merrill Lynch integrated its corporate and investment banking operations into a single division. In October 2013, Bank of America Merrill Lynch was recognised as the Most Innovative Investment Bank of the Year in "The Banker's" Investment Banking Awards. Bank of America Merrill Lynch is organized within four geographic divisions: Bank of America title: Merrill Lynch text: sale. During the week of September 8, 2008, Lehman Brothers came under severe liquidity pressures, with its survival in question. If Lehman Brothers failed, investors were afraid that the contagion could spread to the other surviving investment banks. On Sunday, September 14, 2008, Bank of America announced it was in talks to purchase Merrill Lynch for $38.25 billion in stock. "The Wall Street Journal" reported later that day that Merrill Lynch was sold to Bank of America for 0.8595 share of Bank of America common stock for each Merrill Lynch common share, or about US$50 billion or $29 per share. title: Bank of America text: to provide the product benefit. A $7.5 million settlement was reached in April 2014 with former chief financial officer for Bank of America, Joe L. Price, over allegations that the bank's management withheld material information related to its 2008 merger with Merrill Lynch. In August 2014, the United States Department of Justice and the bank agreed to a $16.65 billion agreement over the sale of risky, mortgage-backed securities before the Great Recession; the loans behind the securities were transferred to the company when it acquired banks such as Merrill Lynch and Countrywide in 2008. As a whole, the three firms