4 World Financial Center
250 Vesey St.
New York, NY 10080
Subsidiary of Bank of America
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
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
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.
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
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
- 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
- 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
Retirement and Savings
- 401(k) savings and investment plan and retirement program
- Employee stock purchase plan
- Discounts on Merrill Lynch financial products and services
- 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
- 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