Bank of America: US Merrill Lynch Brokerage Operations Reorganized
May 13 2019 - 06:09PM
Dow Jones News
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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