Merrill (company)
| Merrill Lynch logo | |
| Company type | Public (NYSE: MER, TYO: 8675) |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1914, as Charles E. Merrill & Co. |
| Headquarters | New York, NY, U.S. |
Key people | Stan O'Neal: CEO, President & Chairman of the Board Ahmass Fakahany: CAO, Vice Chairman of the Board Jeffrey N. Edwards: CFO |
| Products | Financial Services <br |
| Revenue | $47.783 Billion USD 2005 |
−2,300,000,000 United States dollar (2012)  | |
| 290,000,000 United States dollar (2012) | |
| Total assets | 603,000,000,000 United States dollar (2012) |
Number of employees | 50,600 |
| Website | www.ml.com |
Merrill Lynch & Co., Inc., through its subsidiaries and affiliates, primarily, Merrill Lynch, Pierce, Fenner and Smith Incorporated, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. The firm's global headquarters are located in New York City and it is one of the most recognizable names in financial services. The company occupies the entire 34 stories of the Four World Financial Center building in Manhattan.
History
The company was founded on January 6, 1914, when Charles E. Merrill & Co. opened for business at 7 Wall Street in New York City. A few months later, Merrill's friend, Edmund C. Lynch, joined him and in 1915 the name was officially changed to Merrill Lynch & Co. In 1916, Winthrop H. Smith joined the firm. He ran the firm from 1940 until his death in 1961 and the partnership honored his leadership by placing his name on the firm: Merrill Lynch, Pierce, Fenner & Smith, Inc in 1958. In the 1920s the firm's New York office was at 120 Broadway, and it also had offices in Detroit, Chicago, Denver, Los Angeles and Dublin.
Today, the multinational corporation operates in more than 40 countries around the world and has over US $1.8 trillion in client assets. Merrill Lynch is best known for its Global Private Client services and its strong sales force.
Business Groups
- GPC: Global Private Client
- GMI: Global Markets & Investment Banking Group
- MLIM: Merrill Lynch Investment Managers/BlackRock, Inc.
- Corporate Resources
- Global Securities Research and Economics Group (Research)
- GIS: Global Infrastructure Solutions
- OGC: Office of General Counsel
- C&PA: Communications and Public Affairs
- CFO: Chief Financial Office
- LTM: Leadership & Talent Management (formally Human Resources)
Subsidiaries
- Financial Data Services, Inc., transfer agency
- Merrill Lynch Europe PLC, soon to be rolled up into Merrill Lynch International
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (PFS)
- Merrill Lynch Bank & Trust & Federal Savings Bank (MLBTFSB, as of July 2006)
- Merrill Lynch International (MLI)
- Merrill Lynch Government Securities, Inc (GSI)
- Merill Lynch Japan (MLJ), soon to be rolled up into Merrill Lynch International
- Merrill Lynch Canada (MLC), soon to be rolled up into Merrill Lynch International
Internal Professional Networks
The Merrill Lynch Professional Networks (MLPN) are employee-driven, local networks, organized regionally both across and within business groups. 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 9 listed networks, Women's Professional Network has by far the most members and is the most active.
- Asian Pacific American Professional Network
- South Asian Professional Network
- Black Professional Network
- Disability Awareness Professional Network
- Hispanic Professional Network
- LGBT Professional Network
- Native American Professional Network
- Women's Professional Network
- Rainbow Professional Network
Major Locations
- New York City, New York, U.S., global headquarters
- Jacksonville, Florida, U.S., corporate center, supporting North America operations
- Hopewell, New Jersey U.S., corporate center, supporting North America operations
- Princeton, New Jersey, U.S.
- Singapore, corporate center, supporting Asian Pacific Rim (APR) operations, namely Hong Kong & Tokyo
- London, U.K., European headquarters
- Hong Kong, PRC
- Tokyo, Japan
Major cases
Analyst conflict-of-interest, 2002
In May 2002, a settlement was reached with the Attorney General of the State of New York, which imposed a $100 million fine on Merrill Lynch, as well as an agreement to sever all links between analysts' pay and investment banking revenue. The settlement was related to wrongdoings by equity analyst Henry Blodget. In December 2002 the company was fined an additional $100 million.
Discrimination, 2006
In Mid-July 2006 The New York Times broke the case of a discrimination lawsuit brought on by over 70 current and former Merrill Lynch Employees. The case alleges Merrill Lynch being discriminatory in their hiring and promotion practices for the past years. The case has been taken up by the famous the Civil Rights attorneys from Mary Stowell, Linda Friedmen and the law firm Stowell Friedmen LTD from Chicago. The case has undergone many negotiations and at this time no deal has been struck between the two parties.
Trivia
- The company is the largest franchisee of the Pizza Hut chain[citation needed]
See also
- Global settlement
- Primary dealers
- World Wealth Report
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, a 2006 Supreme Court case involving securities fraud claims.
External links
- Official Website
- CNN Article - Merrill Lynch settling conflict of interest charges
- Yahoo! Finance - Merrill Lynch & Co., Inc. Company Profile
- Google Finance - Merrill Lynch profile, market charts, blog posts & discussions
- Registered Rep Article - Merrill Lynch Accused of Reverse Discrimination