Citizendia
Your Ad Here

Merrill Lynch & Co. , Inc.
Type Public
NYSE: MER, TYO: 8675
Founded 1914, as Charles E. Merrill & Co. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock Year 1914 ( MCMXIV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common year Charles Edward Merrill (October 19 1885 – October 6 1956 was a Philanthropist, Stockbroker and one of the founders of Merrill Lynch & Company (previously
Headquarters New York, NY, U. New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous S.
Key people John Thain: CEO
Rosemary Berkery: Executive Vice President & General Counsel
Gregory J. John Alexander Thain (born May 26 1955 is the current president of global banking securities and Wealth management at Bank of America. Fleming: President and Chief Operating Officer
Nelson Chai: CFO
John J. Nelson Chai is the Chief financial officer of American financial services company Merrill Lynch. Fosina: Chief Control Officer
Industry Finance and Insurance
Products Financial Services
Investment Banking
Investment management
Revenue ▲$70. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 59 Billion USD 2006
Net income ▼$7. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. 8 Billion USD 2007
Employees 64,200
Website www.ml.com

Merrill Lynch & Co. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages , Inc. (NYSE: MER TYO: 8675), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services worldwide. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. The, or TSE, located in Tokyo, Japan, is the second largest Stock exchange market in the world by market value second only to the New York Stock The capital market is the Market for securities, where companies and Governments can raise longterm funds Investment banks profit from companies and governments by raising money through issuing and selling Securities in the Capital markets (both equity and Wealth Management is an advanced investment advisory discipline that incorporates Financial planning and specialist financial services Insurance, in Law and Economics, is a form of Risk management primarily used to hedge against the Risk of a contingent loss A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money The firm's world headquarters is located in New York City. The City of New York The company occupies the entire 34 stories of the Four World Financial Center building in Manhattan. Four World Financial Center or ( North Tower) is a part of the World Financial Center complex in Lower Manhattan, which houses the international headquarters Manhattan Island, in New York Harbor, is much the largest part of the Borough of Manhattan, one of the Five Boroughs which form the City of New York

Contents

History

The company was founded on January 6, 1914, when Charles E. Merrill & Co. Events 1066 - Harold Godwinson is crowned King of England. 1205 - Philip of Swabia becomes King Year 1914 ( MCMXIV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common year Charles Edward Merrill (October 19 1885 – October 6 1956 was a Philanthropist, Stockbroker and one of the founders of Merrill Lynch & Company (previously opened for business at 7 Wall Street in New York City. Wall Street is a street in lower Manhattan, New York City, United States. The City of New York A few months later, Merrill's friend, Edmund C. Lynch, joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. Edmund Calvert Lynch (May 19 1885 &ndash May 12 1938 and his friend Charles E Year 1915 ( MCMXV) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year At that time, the firm's name included a comma between Merrill and Lynch. [1] In 1916, Winthrop H. Smith joined the firm.

In its early history, Merrill, Lynch & Co. made several successful investments. In 1921, the company purchased Pathé Exchange, which later became RKO Pictures. Year 1921 ( MCMXXI) was a Common year starting on Saturday (link will display full 1921 calendar of the Gregorian calendar This article deals with the Pathé movie company For their music business see Pathé Records. In 1926, the firm made its most significant financial investment at the time, purchasing a controlling interest in Safeway, transforming the small grocery store into the country's third largest grocery store chain by the early 1930s. Year 1926 ( MCMXXVI) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. Following this investment, the company further increased its investment banking focus by transferring its retail brokerage services to E. A. Pierce.

In 1940, the firm merged with E. A. Pierce & Co. and Cassatt & Co. and was briefly known as Merrill Lynch, E. A. Pierce, and Cassatt. [2] However after Edmund Lynch's death in 1952, the company changed its name to Merrill Lynch & Co. and was officially incorporated. The company became the first on Wall Street to publish an annual fiscal report in 1941.

In 1941, Fenner & Beane joined the firm, and the name became Merrill Lynch, Pierce, Fenner & Beane. On December 31, 1957, The New York Times referred to that name as "a sonorous bit of Americana" and said "After sixteen years of popularizing [it], Merrill Lynch, Pierce, Fenner, and Beane is going to change it—and thereby honor the man who has been largely responsible for making the name of a brokerage house part of an American saga," Winthrop H. Smith, who had been running the company since 1940. The merger made the company the largest securities firm in the world, with offices in over 98 cities and membership on 28 exchanges. At the start of the firm's fiscal year on March 1, 1958, the firm's name became Merrill Lynch, Pierce, Fenner & Smith and the company became a Big Board member of the New York Stock Exchange. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. [3]

Merrill Lynch rose to prominence on the strength of its brokerage network (15,000+ as of 2006),[4] sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly. [5] In contrast, many established Wall Street firms, such as Morgan Stanley, relied on selling groups of independent brokers for placement of the securities they underwrote. Morgan Stanley ( is a global Financial services provider headquartered in New York City New York United States [6] Until as late as 1970, it was known as the "Catholic" firm of Wall Street. [7] The firm went public in 1971 and has since become a multinational corporation with over US $1. Multinational corporation ( MNC) or transnational corporation ( TNC) is a Corporation or enterprise that manages Production or delivers 8 trillion in client assets, operating in more than 40 countries around the world. In 1978, it significantly buttressed its securities underwriting business by acquiring White Weld & Co., a small but prestigious old-line investment bank. Boston-based Investment bank, historically managed by Boston Brahmins until its sale to Merrill Lynch in 1978 Merrill Lynch is best known for its Global Private Client services and its strong sales force.

On November 1, 2007, Merrill Lynch CEO Stanley O'Neal left the company, after being criticized for the way he handled the subprime mortgage crisis, which resulted in about US $ 2. Ernest Stanley "Stan" O'Neal is an American businessman The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking 24 billion in unexpected losses, and for discussing in public the possible merger with Wachovia banking corporation, without being authorized by the board to do so. Wachovia Corporation ( based in Charlotte North Carolina, is a diversified Financial services holding company provided via its operating subsidiaries a broad He left Merrill Lynch with about US $ 161 million worth of stock options and retirement benefits. [8]. John Thain, CEO of the New York Stock Exchange, succeeded him as CEO on December 1, 2007. John Alexander Thain (born May 26 1955 is the current president of global banking securities and Wealth management at Bank of America. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City.

On January 17, 2008, Merrill Lynch reported a $9. 83 billion fourth quarter loss incorporating a $16. 7 billion write down of assets associated with subprime mortgages. On April 17, 2008, Merrill Lynch reported a net loss of $1. 97 billion for the first quarter of 2008. [9] Merrill responded to its losses by raising capital through the sale of preferred shares, however experts suggest that such a strategy may pose a risk to the companies credit rating which could cause an increase to the companies borrowing costs. [10]

Business groups

Subsidiaries

Internal Professional Networks

The Merrill Lynch Professional Networks (MLPN) are employee-driven networks, organized regionally both across and within business groups. Merrill Lynch & Co Inc () is a global financial services firm Merrill Lynch & Co Inc () is a global financial services firm Merrill Lynch & Co Inc () is a global financial services firm The objectives include diversifing business development, recruitment and retention, and community leadership. Not all networks are available at all Merrill Lynch office locations. Out of the 17 listed networks, the Women's Professional Network in the has by far the most members and is the most active.

Networks Available for Employees in the U. S:

Networks Available for Employees in EMEA:

Networks Available for Employees in PacRim:

Major locations

Major cases

Analyst conflict-of-interest, 2002

In May 2002, a settlement was reached with then-Attorney General Eliot Spitzer of the State of New York, imposing a $100 million fine on Merrill Lynch, as well as an agreement to sever all links between analysts' pay and investment banking revenue. The City and County of San Francisco is the fourth most populous city Singapore London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Dublin (ˈdʌblɨn/ /ˈdʊblɨn or /ˈdʊbəlɪn/, bˠalʲə aːha klʲiəh or cliə(ɸ is both the largest city and capital of Ireland. Toronto (təˈrɒntoʊ colloquially pronounced or) is the largest city in Canada and is the provincial capital of Ontario Sydney (ˈsɪdniː is the most populous city in Australia, with a Metropolitan area population of approximately 4 Melbourne ( is the second most populous city in Australia, with a Metropolitan area population of approximately 3 Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES officially, is one of the 47 prefectures of Japan and located on the eastern side of the main island Honshū. For a topic outline on this subject see List of basic Japan topics. Tel Aviv-Yafo (תֵּל ־אָבִיב-יָפוֹ تل أبيب Tal ʾAbīb) (usually Tel Aviv) is the second-largest city in Israel For a topic outline on this subject see List of basic Israel topics. Zürich (, Zürich German: Züri, Zurich, Zurigo; in English generally Zurich) is the largest city in Switzerland and capital of the Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation Mumbai ( Marathi:,, IPA: formerly Bombay, is the capital of the Indian state of Maharashtra and the financial India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country Mexico City (in Spanish: Ciudad de México, México DF, México or simply Méjico) is the Capital city of Mexico The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America. Camberley is a town in Surrey, England, situated 31 miles (50 km south west of Central London In most Common law jurisdictions the Attorney General, or Attorney-General, is the main legal advisor to the government and in some jurisdictions may in addition Eliot Laurence Spitzer (born June 10, 1959) is an American lawyer and former politician of the Democratic Party. New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The settlement was related to wrongdoings by equity analyst Henry Blodget. Henry Blodget (born 1966 is an American former Securities analyst who was senior Internet analyst for CIBC Oppenheimer during the Dot-com bubble. In December 2002 the company was fined an additional $100 million.

Improper sale of Class B and C mutual fund shares

On Dec. 19, 2005, the NASD announced it had fined Merrill Lynch, Pierce, Fenner & Smith, Wells Fargo Investments and Linsco/Private Ledger Corporation a total of $19. 4 million for suitability and supervisory violations related primarily to sales of Class B mutual fund shares as well as some Class C mutual fund shares. Merrill Lynch was fined $14 million. [11]

Alleged charges of discrimination towards minority employees

In July 2006, a lawsuit alleging discriminatory hiring and promotion practices was brought by over 70 current and former African-American employees. African Americans or Black Americans are citizens or residents of the United States who have origins in any of the black populations of Africa Following commencement of the action, additional employees joined the suit and counsel is now seeking class-action status. These legal actions remain unresolved as of May 2008.

In June 26 2007, the U. S. Equal Employment Opportunity Commission (EEOC) brought suit against Merrill Lynch,[12] alleging the firm discriminatied against Dr. Majid Borumand because of his Iranian nationality and Islamic religion, with "reckless disregard" for his protected civil rights. The US Equal Employment Opportunity Commission (EEOC is a federal agency charged with ending employment discrimination The Iranian people are a collection of Ethnic groups defined along linguistic lines as speaking Iranian languages. For other meanings including people named 'Islam' see Islam (disambiguation. [13][14] The EEOC law suit maintains that violations by members of the firm were intentional and committed with malice. Malice is a Legal term referring to a party's Intention to do Injury to another party Yonathan (Yoni) Epelbaum, James (Jim) Gatheral and Kishor Laud are among Merrill managers named in the ongoing lawsuit (Updates on law suit). In another case concerning mistreatment of another Iranian employee by Merrill Lynch on July 20th, 2007, less than a month after EEOC law suit, a NASD arbitration panel ordered Merrill Lynch to pay its former Iranian employee, Fariborz Zojaji $1. Arbitration, a form of Alternative dispute resolution (ADR is a legal technique for the resolution of Disputes outside the Courts wherein the 6 million for firing him due to his Persian ethnicity. [15][16] Merrill Lynch's actions prompted reactions from both the National Iranian-American council, and the American-Arab Anti-Discrimination Committee. The American Arab Anti Discrimination Committee (ADC is a grassroots Civil rights organization open to all regardless of background faith and ethnicity committed to defending [17]

Since these allegations and lawsuits were made, Merrill Lynch has made several efforts to address internal ethnic and gender bias. As a result of these efforts, in the June 2008 issue of Diversity Inc, named Merrill Lynch one of the top 10 companies for lesbian, gay, bisexual, and transgendered employees, and the #7 top company in the US for diversity overall. [1] In 2007, Merrill Lynch was named the #2 best company in the US for people with disabilities. [2] As of June 5th 2008, Merrill Lynch has created the West Asian, Middle Eastern and North African (WAMENA) Professional Network to help support and provide additional resources for employees of diverse backgrounds.

Recent Transactions

The purchase of San Jose, Calif. based First Franklin origination franchise and related servicing platform from National City Corp. NYSE: NCC was completed on Dec. National City Corporation ( based in Cleveland Ohio, USA, and founded in 1845 used to be one of the ten largest banks in America in terms of deposits mortgages The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. 30th, 2006 for $1. 3 billion.

Notable current and former employees

Business

Politics and public service

Other

Merrill family

Fictional

Works about Merrill Lynch

See also

Cites

  1. ^ "McCrory Stores Corporation," display advertisement, The New York Times, December 15, 1915, p. This article lists judgments of the UK Courts relating to excluded subject matter. 18. In full: An Investment embracing safety, good income, and possibilities for considerable advancement in market value is presented in the Preferred Stock of the McCrory Stores Corporation. Price to yield 7%. Write for Circular T. M. MERRILL, LYNCH & CO. 7 Wall Street, NEW YORK. Penobscot Bldg. DETROIT. Telecphone Rector 4940.
  2. ^ "$15,000,000 Sought By Crucible Steel. " The New York Times, December 19, 1940, p. 39, lists "Merrill Lynch, E. A. Pierce and Cassatt," with a single comma following Lynch and the word "and" rather than an ampersand, as one of a number of firms underwriting an issue of bonds by Montana-Dakota Utilities Company.
  3. ^ "Revising a Sonorous Piece of Americana: Merrill Lynch, Pierce, Fenner and Smith. " The New York Times, December 31, 1957, p. 29
  4. ^ Merrill Lynch - Total Merrill - Total Merrill
  5. ^ Edwin J. Perkins, Wall Street to Main Street: Charles Merrill and Middle-Class Investors, Cambridge University Press: 1999
  6. ^ Ron Chernow, The House of Morgan, Touchstone Books, 1990. Ronald Chernow (born 1949 is an American biographical author of Alexander Hamilton, The House of Morgan, and Titan The Life of John D
  7. ^ James B. Stewart, Den of Thieves, Touchstone Books, 1992. "[I]n 1971, Wall Street was still split between the "Jewish" and the "WASP" firms. At an earlier time, when major corporations and banks had discriminated overtly against Jews, Wall Street had rewarded merit and enterprise. Firms like Goldman, Sachs, Lehman Brothers, and Kuhn, Loeb & Co. (made up historically of Jews of German descent) had joined the ranks of the most prestigious WASP firms: Morgan Stanley—an outgrowth of J. P. Morgan's financial empire—First Boston, Dillon, Read, and Brown Brothers Harriman. Kuhn Loeb & Co was an investment bank founded in 1867 by Abraham Kuhn and Solomon Loeb. John Pierpont Morgan ( April 17, 1837 &ndash March 31, 1913) was an American financier banker and art collector who First Boston Corporation was a New York-based Investment bank, founded in 1932 and acquired by Credit Suisse in 1988 when it became 'CS First Boston' Dillon Read & Co was a prominent American Investment bank from the 1920s into the 1960s Brown Brothers Harriman & Co (BBH is one of the oldest and largest Partnership banks in the United States. Giant Merrill Lynch Pierce Fenner & Smith, something of an anomaly, had once been considered the "Catholic" firm. Kidder, Peabody remained firmly in the WASP camp. "
  8. ^ http://www.tijd.be/nieuws/ondernemingen/financien/artikel.asp?Id=3331161
  9. ^ Merrill Lynch Reports
  10. ^ http://money.cnn.com/news/newsfeeds/articles/djf500/200804250840DOWJONESDJONLINE000645_FORTUNE5.htm
  11. ^ NASD News Release
  12. ^ U.S. Sues Merrill on Treatment of Muslim
  13. ^ http://online.wsj.com/public/resources/documents/eeoc062607mer1.pdf EEOC vs. Merrill Lynch $ Co. - Complaint
  14. ^ Liddle & Robinson L.L.P. Press Release
  15. ^ Discrimination Ruling Another Black Eye for Merrill
  16. ^ Fired Iranian broker wins $1.6M from Merrill
  17. ^ EEOC: Merrill Lynch Hired Iranian for His Brains, Fired Him for His Nationality

External links

© 2009 citizendia.org; parts available under the terms of GNU Free Documentation License, from http://en.wikipedia.org
 Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic