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Merrill Lynch

Headquarters: 4 World Financial Center
250 Vesey St.
New York, NY 10080
Employees: 60,000
Subsidiary of Bank of America

Website: http://www.ml.com

Career Page

Note: Merrill Lynch was acquired on September 15 by Bank of America in an all-stock deal worth about $50 billion. Merrill Lynch made the deal due to heavy declines in its stock price and concerns over billions of dollars in mortgage-related debt that could have led the firm to go bankrupt. The deal closed on January 1, 2009 and shares in Merrill Lynch no longer trade.

Bank of America said it will cut 30,000-35,000 jobs from the combined companies over the next three years.

Merrill Lynch is one of the world's top financial management and advisory companies, with offices in 37 countries and total client assets of approximately $1.6 trillion.

As an investment bank, the company is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide.

Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management.

John Thain, former CEO of the New York Stock Exchange, took over as Merrill Lynch's CEO on December 1, 2007 following the resignation of Stan O'Neal after the company reported heavy losses.

For 2007, the company had revenues of $11.3 billion, down 67% from the previous year and net loss of $8.5 billion.

The firm has been hurt by losses in mortgage securities and has cut about 6,000 jobs this year.

In July, Merrill announced it would sell its stake in Bloomberg LP for $4.425 billion to raise money.

Merrill Lynch is also in negotiations to sell a controlling interest in Financial Data Services, Inc. (FDS), based on an enterprise value for FDS in excess of $3.5 billion. FDS is currently a wholly-owned subsidiary of Merrill Lynch and is a provider of administrative functions for mutual funds, retail banking products and other services within Global Wealth Management (GWM).

The company announced a hiring freeze for all staff except for brokers through the end of the year.

History

On Jan. 6, 1914, Charles Merrill opens his self-titled investment firm, Charles E Merrill & Co. Merrill's credo: "I have no fear of failure, provided I use my heart and head, hands and feet - and work like hell." Merrill persuades friend Edmund Lynch to join him and, on May 19, they open their office at 7 Wall Street.

In 1915, Charles Merrill changed the name of his firm to Merrill, Lynch & Co.

In 1926, the company purchases a controlling interest in Safeway Stores, a Southern California grocery chain. The acquisition represents the firm's most significant investment outside the financial field to date.

In 1932, as part of his investor education effort, Charlie Merrill puts his grocery-store chain experience to use in founding Family Circle, the first grocery store point-of-sale magazine.

Edmund Lynch passes away in England on May, 12 1938 at the age of 52. Out of respect to his deceased partner, Charlie Merrill decides to drop the comma from Merrill, Lynch & Co. and create the name of the modern firm, Merrill Lynch.

Benefits

Health Coverage
- Medical and dental coverage from first day of active work for employee, spouse or other qualified adult, and eligible dependent children; comprehensive and flexible coverage for both in-network and out-of-network care
- Flexible spending accounts for health care and dependent care expenses
- Prescription drug program for generic and brand name drugs
- Disability leaves and reduced work schedules to deal with serious short-term health problems; long-term disability policy for extended leave

Retirement and Savings
- 401(k) savings and investment plan and retirement program
- Employee stock purchase plan
- Discounts on Merrill Lynch financial products and services
 
Time Off
- Vacation (minimum of three weeks) determined by length of service and corporate title
- Holidays and personal days
- Paid illness leave
- Paid child care leave
- Unpaid family leave
  
Tuition Assistance Program

- Financial support for full-time employees who wish to pursue formal education relevant to their professional development (maximum annual reimbursement is $8,000) 
 
Employee and Family Support
- Commuter savings program (employees set aside tax-free dollars each month for a variety of expenses, including parking fees and railroad, bus and subway fares)
- Employee Assistance Program (EAP) (confidential service for employees and family members to discuss and resolve personal and emotional concerns with a skilled counselor)
- On-site medical care in principal office locations (primary care physicians, screenings and mammograms, nursing mother's facility and health fairs)
- On-site and near-site fitness centers in principal office locations
- Adoption assistance
- Child care and adult care resource and referral service
- Back-up and sick child care
- Scholarship programs for children of employees
- Assistance in locating schools, colleges and educational programs for employees and their families
- Lunchtime seminars in principal office locations on a variety of topics related to interpersonal, financial and family issues
  
Community Involvement

- Employee gifts to eligible nonprofit organizations matched dollar-for-dollar when employee contributes gifts of $50 or more for a total yearly match of $1,500
- Employees who volunteer with nonprofit organizations can receive grants of $100 to $1,000 for the organization's projects in which they have a direct role

Updated March 1, 2009

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