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Merrill Lynch

Merrill Lynch & Co., Inc.

<tr><td colspan="2" style="text-align:center; padding:16px 0 16px 0;">Merrill Lynch:Merrill Lynch logo</td></tr>

Type Public (NYSE: MER, TYO: 8675 )
Founded 1914, as Charles E. Merrill & Co.
Headquarters New York, NY, U.S.

<tr><th style="text-align:right; padding-right:0.75em;">Key people</th><td>Stan O'Neal: CEO, President & Chairman of the Board
Ahmass Fakahany: CAO, Vice Chairman of the Board
Jeffrey N. Edwards: CFO</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Industry</th><td>Finance and Insurance</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Products</th><td>Financial Services
Investment Banking
Investment Management</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Revenue</th><td>$47.783 Billion USD 2005</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Employees</th><td>50,600</td></tr><tr><th style="text-align:right; padding-right:0.75em;">Website</th><td>www.ml.com</td></tr>

Merrill Lynch & Co., Inc., through its subsidiaries and affiliates, primarily Merrill Lynch, Pierce, Fenner and Smith Incorporated, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. The firm's global headquarters are located in New York City and it is one of the most recognizable names in financial services. The company occupies the entire 34 stories of the Four World Financial Center building in Manhattan.


Contents

History

The company was founded on January 6, 1914, when Charles E. Merrill & Co. opened for business at 7 Wall Street in New York City. A few months later, Merrill's friend, Edmund C. Lynch, joined him and in 1915 the name was officially changed to Merrill Lynch & Co. In 1916, Winthrop H. Smith joined the firm. He ran the firm from 1940 until his death in 1961 and the partnership honored his leadership by placing his name on the firm: Merrill Lynch, Pierce, Fenner & Smith, Inc in 1958.

Merrill Lynch rose to prominence on the strength of its brokerage network (15,000+ as of 2006)[1], sometimes referred to as the "thundering herd," that allowed it to place securities it underwrote directly.[2] In contrast, many established Wall Street firms, such as Morgan Stanley, relied on selling groups of independent brokers for placement of the securities they underwrote.[3] Until as late as 1970, it was known as the "Catholic" firm of Wall Street.[4] The firm went public in 1971 and has since become a multinational corporation with over US $1.8 trillion in client assets operating in more than 40 countries around the world. In 1978, it significantly buttressed its securities underwriting business by acquiring White Weld & Co., a small but prestigious old-line investment bank. Merrill Lynch is best known for its Global Private Client services and its strong sales force.

Business groups

Subsidiaries

Internal Professional Networks

The Merrill Lynch Professional Networks (MLPN) are employee-driven, local networks, organized regionally both across and within business groups. The objectives include diversifing business development, recruitment and retention, and community leadership. Not all networks are available at all Merrill Lynch office locations. Out of the 9 listed networks, Women's Professional Network has by far the most members and is the most active.

Major locations

Major cases

Analyst conflict-of-interest, 2002

In May 2002, a settlement was reached with the Attorney General of the State of New York, which imposed a $100 million fine on Merrill Lynch, as well as an agreement to sever all links between analysts' pay and investment banking revenue. The settlement was related to wrongdoings by equity analyst Henry Blodget. In December 2002 the company was fined an additional $100 million.

Discrimination, 2006

In Mid-July 2006 A discrimination lawsuit was brought by over 70 current and former Merrill Lynch Employees. The case alleges Merrill Lynch being discriminatory in their hiring and promotion practices. Since its original filing additional plaintiffs have been added to the original suit, with class-action status being sought by plaintiff's council. *Merrill Discrimination Suit Moves Forward After Failed Settlement Talks

Notable current and former employees

Business

Politics and public service

Other

Fictional

See also

Cites

  1. ^ http://askmerrill.ml.com/fa_front/1,2280,,00.html?pg=pcu
  2. ^ Edwin J. Perkins, Wall Street to Main Street: Charles Merrill and Middle-Class Investors, Cambridge University Press: 1999
  3. ^ Ron Chernow, The House of Morgan, Touchstone Books, 1990.
  4. ^ James B. Stewart, Den of Thieves, Touchstone Books, 1992. "[I]n 1971, Wall Street was still split between the "Jewish" and the "WASP" firms. At an earlier time, when major corporations and banks had discriminated overtly against Jews, Wall Street had rewarded merit and enterprise. Firms like Goldman, Sachs, Lehman Brothers, and Kuhn Loeb (made up historically of Jews of German descent) had joined the ranks of the most prestigious WASP firms: Morgan Stanley -- an outgrowth of J. P. Morgan's financial empire -- First Boston, Dillon, Read, and Brown Brothers Harriman. Giant Merrill Lynch Pierce Fenner & Smith, something of an anomaly, had once been considered the "Catholic" firm. Kidder, Peabody remained firmly in the WASP camp."
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