Feb 25 (Lagos) - Bank of America will re-name its investment bank as
BofA Securities and the U.S. Trust name will be dropped from the private bank.
Merrill Lynch will no longer be part of the brand name. This brokerage was acquired by Bank of America at the height of the financial crisis in 2008. Bank also acquired sub-Prime lender Countrywide in same year. Later it required bailout of more than $45 billion from US Government which it has already paid back.
The name Merrill will still be used for Wealth Management business.
Bank of America reported a record $28 billion PAT for 2018 and also increased its share buy back and dividend.
reporting for easykobo.com on Monday. Feb 25 2019 from Lagos, Nigeria