( ), 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 .
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)http://askmerrill.ml.com/fa_front/1,2280,,00.html?pg=pcu, sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly.Edwin J. Perkins, ''Wall Street to Main Street: Charles Merrill and Middle-Class Investors'', Cambridge University Press: 1999 In contrast, many established Wall Street firms, such as '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." 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.
- 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)
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
- 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
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.
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 . http://query.nytimes.com/gst/fullpage.html?res=9804E0D91F3FF934A15755C0A9619C8B63 The New York Times, ''U.S. Sues Merrill on Treatment of Muslim '', Published: June 27, 2007
http://http://eeoc0sues0merrilllynch.wordpress.com//
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.
