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Building the New Merrill Lynch: Where Bank of America’s Long Game Is Leading
During “Lehman weekend” in September 2008, as the global financial system appeared at risk of drowning under the weight of its own debt, Bank of America threw Merrill Lynch a lifeline, purchasing the storied, yet failing, brokerage and investment bank. CEO Brian Moynihan remembers it as if it were yesterday.
“It happened in a time of great tumult,” he recalls, “but the thing that was unique and that has turned out to be incredibly important for our strategy is having the 10,000-plus Merrill Lynch advisors combine with our…