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'Merrill Lynch & Co., Inc.' ( ), 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 on a global basis. The firm's global headquarters is 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.
Merrill Lynch rose to prominence on the strength of its brokerage network (15,000+ as of 2006)[1], sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly.[2] 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.[3] Until as late as 1970, it was known as the "Catholic" firm of Wall Street.[4] The firm went public in 1971 and has since become a multinational corporation with over US $1.8 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. 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
★ As of September 29, 2006 Merrill Lynch Investment Managers was acquired by BlackRock, Inc., with Merrill Lynch becoming a minority owner of BlackRock in the transaction.
★ 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 (formerly 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
★ Merrill Lynch (India) Technology Services (MLITS)
Internal Professional Networks
The Merrill Lynch Professional Networks (MLPN) are employee-driven 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 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:
★ Asian Pacific American Professional Network
★ Black Professional Network
★ Disability Awareness Professional Network
★ Hispanic Professional Network
★ LGBT Professional Network
★ Native American Professional Network
★ South Asian Professional Network
★ Women's Professional Network
Networks Available for Employees in EMEA:
★ Black Professional Network
★ LGBT Professional Network
★ Women's Professional Network
★ Parents and Carers' Professional Network
★ South Asian Professional Network
Networks Available for Employees in PacRim:
★ LGBT Professional Network
★ Parents and Carers' Professional Network
★ Women's Professional Network
★ Young Professionals' Network
Major locations
★ New York City, New York, U.S., global headquarters
★ Atlanta, Georgia, U.S., Global Markets & Investment Banking Group, supporting North American operations
★ Boston, Massachusetts, U.S., Global Markets & Investment Banking Group
★ Chicago, Illinois U.S., Global Markets & Investment Banking Group, supporting North American Operations
★ City of Industry, California, U.S., Global Private Client, International Office for Asian U.S. Markets
★ Hopewell, New Jersey U.S., Global Infrastructure Solutions, Global Markets & Investment Banking, Global Private Client, the Chief Financial Office, Office of General Counsel, and Leadership & Talent Management
★ Houston, Texas, Global Markets & Investment Banking Group
★ Jacksonville, Florida, U.S., Global Infrastructure Solutions, Global Markets & Investment Banking, Global Private Client, the Chief Financial Office, Office of General Counsel, and Leadership & Talent Management
★ Jersey City, New Jersey U.S., Global Markets & Investment Banking Group, supporting North American Operations
★ Miami, Florida U.S., Global Private Client, Regional Headquarters for Latin American Operations
★ Los Angeles, California, Global Markets & Investment Banking Group
★ Palo Alto, California, Global Markets & Investment Banking Group
★ Princeton, New Jersey, U.S., corporate center, supporting North American Operations
★ San Francisco, California, Global Markets & Investment Banking Group
★ Singapore, corporate center, supporting Asian Pacific Rim (APR) operations, namely Hong Kong & Tokyo
★ London, UK, European headquarters
★ Toronto, Canada
★ Sydney, Australia
★ Hong Kong, PRC
★ Tokyo, Japan
★ Zurich, Switzerland
★ Mumbai, India
★ Mexico City, Mexico
★ Camberley, Europe Information Technology center
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 and alleged racism charges
In July 2006, a lawsuit alleging discriminatory hiring and promotion practices was brought by over 70 current and former employees. Following commencement of the action, additional employees joined the suit and counsel is now seeking class-action status.
In June 2007, the U.S. Equal Employment Opportunity Commission brought suit against Merrill alleging unfair treatment of its Muslim employees and allegations of Anti-Iranian sentiment. [5] [6]
[7]
Recent Transactions
The purchase of San Jose, Calif. based First Franklin origination franchise and related servicing platform from National City Corp. was completed on Dec. 30th, 2006 for $1.3 billion.
Notable current and former employees
Business
★ Herbert M. Allison - CEO and chairman of TIAA-CREF
★ Peter Bacanovic - Martha Stewart's stockbroker
★ Henry Blodget - financial analyst
★ W. Edmund Clark - CEO of Toronto-Dominion Bank
★ Scott T. Ford - CEO of Alltel
★ Joseph J. Grano, Jr. - President of Paine Webber
★ Anshu Jain - Head of Global Markets at Deutsche Bank
★ Mary Meeker - financial analyst
★ Joe Moglia - CEO of TD Ameritrade
★ John A. Mulheren - stock trader
★ George Murnane III - CFO of Mesa Air Group
★ Ashwin Navin - co-founder of BitTorrent
★ Jack Tramiel - founder of Commodore International
★ Martin Gillot
★ Winthrop H. Smith, Jr. - Chairman, WHS Holdings, LLC
Politics and public service
★ Dan Crippen - Director of the Congressional Budget Office (1999-2003)
★ Andrew J. Duck - 2002 U.S. congressional candidate
★ Harold Ford, Jr. - 2006 U.S. Senate candidate, named a Vice Chairman in January 2007
★ John Key - Member of the New Zealand House of Representatives (2001-present), Leader of the Opposition (2006-present)
★ William J. McDonough - President of the Federal Reserve Bank of New York (1999-2003)
★ Donald Regan - U.S. Secretary of the Treasury (1981-85), White House Chief of Staff (1985-87)
★ Mark S. Schweiker - Governor of Pennsylvania (2001-2003)
★ Jyotiraditya Madhavrao Scindia - Member of the Indian Lok Sabha (2002-present)
★ Milen Velchev - Finance Minister of Bulgaria (2001-2005)
Other
★ Lee Bienstock - contestant, ''The Apprentice 5''
★ Douglas Cliggott - economist
★ Kendall Duane Cross - Olympic wrestler
★ Gregory Allen Howard - screenwriter
★ Norman Kay - bridge player
★ C. John McCloskey - Opus Dei priest
★ Halsey Minor - founder of CNET
★ Irene Ng - child actress
★ Mary O'Grady - editor of the ''Wall Street Journal''
★ Suze Orman - financial advisor
★ James Parrish - professional football player
★ Robert Prechter - economist
★ Josh Markovic Rothschild - philanthropist
★ Bernard Ramsey - philanthropist
★ William Schreyer - philanthropist
Merrill family
★ Peter Magowan, Safeway chairman, baseball team owner
★ James Merrill (1926-1995), poet
Fictional
★ Jack Ryan - character created by Tom Clancy
★ Phoebe Buffay in a "What If?" episode of ''Friends'' - "The One that Could Have Been".
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.
Cites
1. http://askmerrill.ml.com/fa_front/1,2280,,00.html?pg=pcu
2. Edwin J. Perkins, ''Wall Street to Main Street: Charles Merrill and Middle-Class Investors'', Cambridge University Press: 1999
3. Ron Chernow, ''The House of Morgan'', Touchstone Books, 1990.
4. 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 (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. 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."
5. http://query.nytimes.com/gst/fullpage.html?res=9804E0D91F3FF934A15755C0A9619C8B63
6. The New York Times, ''U.S. Sues Merrill on Treatment of Muslim '', Published: June 27, 2007
7. http://http://eeoc0sues0merrilllynch.wordpress.com//
Competitors
★ ABN AMRO
★ Ameriprise Financial
★ Bear Stearns
★ Banc of America Securities
★ Citigroup
★ Credit Suisse
★ Deutsche Bank
★ Goldman Sachs
★ JP Morgan Chase
★ Lehman Brothers
★ Macquarie Bank
★ UBS
★ RBC Capital Markets
★ Barclays Capital
★ Thomas Weisel Partners
★ Nomura Securities
★ Lazard
★ Piper Jaffray
★ Wachovia
★ HSBC
★ BNP Paribas
★ Raymond James
★ Rothschild
★ Greenhill
★ Houlihan Lokey
★ Dresdner Kleinwort
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
★ Merrill Lynch global careers site
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