By Stephen Nakrosis 
 

Bank of America Corp. (BAC) on Monday said it had reorganized the U.S. brokerage operations of Merrill Lynch, Pierce, Fenner & Smith Inc., which was operating as an indirect wholly owned subsidiary of the bank.

As a result of the reorganization, BofA Securities, Inc. will provide the institutional services previously provided by MLPF&S, Bank of America said.

Retail broker-dealer services will continue to be provided by MLPF&S, the bank said.

The Wall Street Journal previously reported Bank of America intended to remove the Merrill Lynch name from its trading and investment-banking operations and planned to rebrand the bulk of its wealth-management business as simply Merrill.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

May 13, 2019 17:54 ET (21:54 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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