what is merrill lynch co 
merrill lynch co is the former name of a prominent wall street investment firm since its acquisition by bank of america bac in 2009 it has become known simply as merrill and operates as a wealth management division of bank of america founded by charles e merrill in 1914 merrill lynch co has long been one of the american financial sector s iconic institutions understanding merrill lynch co today merrill lynch co is headquartered at 250 vesey street in manhattan new york part of bank of america the firm holds assets under management aum of over 2 75 trillion and employs over 19 000 financial advisors 1 while today it is focused on its wealth management business merrill lynch co is recognized for its investment banking activities in june 1971 merrill lynch co completed its initial public offering ipo and began trading on the new york stock exchange nyse during the early 2000s merrill lynch co became a leader in the market for mortgage backed collateralized debt obligations cdos following its acquisition of the subprime lending firm first franklin financial in 2006 merrill lynch co gradually expanded its service offerings by acquiring and merging with various other firms the company has been engaged in retail brokerage services prime brokering broker dealer activities and commodities trading among others the company became the subject of widespread concern during the 2007 to 2008 financial crisis in november 2007 merrill lynch co announced billions in losses related to its portfolio of subprime mortgages and related derivative products 2 following the termination of its chief executive officer ceo the company began selling company assets in a bid to maintain its solvency amidst speculation that it was on the verge of collapse in september 2008 bank of america proposed a takeover of merrill lynch co with an offer value of over 40 billion this takeover offer which represented a premium of over 70 relative to the company s then depressed market price was accepted shortly thereafter and bank of america ultimately acquired merrill lynch for a 50 billion all stock transaction 3according to financial planning the company plans to cut payouts to its advisors that manage small account holders in 2021 in an effort to maintain stability 4 advisors will not receive a payout for production credits generated in households under 250 000 this change echoes a trend among the biggest brokerage firms which are encouraging advisors to cater to larger clients and move smaller accounts to robo advisors or self directed platforms this action is a reflection of the digital transformation that has occurred in the fintech sector a senior merrill executive stated that shift really reflects where our business is today and where it is going 4