By Lananh Nguyen
(Bloomberg) --Financial institution of America Corp. is planning to drop Merrill Lynch from the branding of its funding financial institution, whereas it makes use of the title Merrill for its wealth administration unit, in accordance with an individual briefed on the matter.
The Charlotte, North Carolina-based firm will even drop the U.S. Belief title from its non-public financial institution, stated the individual, who requested to not be recognized as a result of no announcement had been made. The agency will confer with its funding financial institution as BofA Securities, the individual stated.
Financial institution of America acquired Merrill Lynch, recognized for its “thundering herd” of brokers pitching shares to Essential Avenue, within the depths of the monetary disaster. The agency took steps to dissolve the Merrill authorized entity in 2013, however had stored the model title throughout retail and institutional companies.
To contact the reporter on this story: Lananh Nguyen in New York at [email protected] To contact the editor accountable for this story: Michael J. Moore at [email protected]
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