BofA Finalizes Merrill Lynch Purchase

Posted by Orb Staff on January 02, 2009 No Comments
Categories : Residential Mortgage

Bank of America Corp. closed 2008 by completing its purchase of Merrill Lynch & Co. Inc., the company reports.

As previously announced, Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. Cost reductions will come from a range of sources, including the elimination of positions announced on Dec. 11, and the reduction of overlapping technology, vendor and marketing expenses. In addition, the company is expected to benefit by leveraging its broad product set to deepen relationships with existing Merrill Lynch customers.

‘We created this new organization because we believe that wealth management and corporate and investment banking represent significant growth opportunities, especially when combined with our leading capabilities in consumer and commercial banking,’ says Bank of America Chairman and CEO Ken Lewis. ‘We are now uniquely positioned to win market share and expand our leadership position in markets around the world.’

SOURCE: Bank of America

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