Merrill Lynch

Encyclopedia : M : ME : MER : Merrill Lynch

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.

Contents

1 History
2 Analyst Conflict-of-Interest Cases
3 Cases of Discrimination

3.1 New York Times Article

4 Business Groups
5 Subsidiaries
6 Internal Professional Networks
7 Major Locations
8 See Also
9 External Links

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 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 approximately US $1.8 trillion in client assets.

Analyst Conflict-of-Interest Cases

In May 2002, a settlement was reached with the Attorney General of the State of New York, which imposed a $100 million fine on the Firm, 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.

Cases of Discrimination

New York Times Article

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 has been discriminatory in their hiring and their promotions for many of the past years. The case has been taken up by the famous the Civil Rights Attorneys from Chicago Mary Stowell and Linda Friedmen. The case has gone through many negotiations and at this time no deal has been struck between the two parties.

Business Groups

GPC: Global Private Client
GMI: Global Markets & Investment Banking Group
MLIM: Merrill Lynch Investment Managers/BlackRock, Inc.
Corporate Resources
*GFT&S: Global Finance, Technology & Services
*OGC: Office of General Counsel
*C&PA: Communications and Public Affairs
*LTM: Leadership & Talent Management
*Global Securities Research and Economics Group

Subsidiaries

Financial Data Services, Inc.
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., 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 operations, including Hong Kong & Tokyo
London, U.K., international headquarters
Hong Kong, PRC

External Links

[Official Website]
[CNN Article] - Merrill Lynch settles conflict of interest charges
[Yahoo! - Merrill Lynch & Co., Inc. Company Profile]

Commercial banks in the United States