(Reuters) – Bank of America Corp is dropping the “Merrill Lynch” name from most of its businesses, including its investment bank unit, phasing out a name with a long history on Wall Street as part of rebranding and multi-year marketing effort, the lender said on Monday.
The investment bank and capital markets business will be renamed BofA Securities and its wealth management businesses will be called “Merrill,” dropping the Lynch from their names.
Before it was bought in 2009 in the throes of the financial crisis, Merrill Lynch was known for its powerful investment bank and “thundering herd” of financial advisors.
The brand survived over the last decade, unlike other iconic firms like Wachovia and Bear Stearns whose names faded away once they were acquired.
The change comes as Bank of America is working to boost morale in its investment bank after a year of declining market share and revenue and a string of departures by senior leaders.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sai Sachin Ravikumar