Four years after acquiring the investment bank, Bank of America plans to dissolve Merrill Lynch as a legal entity by the end of this year, but the iconic brand will remain, the Charlotte bank confirmed Friday.
Merrill Lynch disclosed the plan in a regulatory filing earlier this month. A report from research firm CreditSights pointed out the change.
Merrill said the dissolution comes as Bank of America continues to streamline its operations. The bank hopes to simplify its organizational structure and eliminate some of its hundreds of subsidiaries.
Bank of America says the change will not affect Merrill Lynchs business lines.
It will have no impact on how we serve our customers and clients, bank spokesman Jerry Dubrowski said.
The internal merger must still be approved by regulators. It would mean Merrill would no longer have to report to the Securities and Exchange Commission as a separate entity.
The bank does not anticipate a reduction in personnel who deal with regulatory reporting or compliance.
Dunn: 704-358-5235 Twitter: @andrew_dunn
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