On Monday, the 25th of February, 2019, the US lender, Bank of America Corp. had said that they would be dropping the “Merrill Lynch” from its name from most of their businesses, such as investment bank units, to revitalize their rebranding efforts.
The announcement of letting go of “Merrill Lynch” came as a shock to many, as the name had a long history on Wall Street as a part of the US lender’s multi-year marketing effort. After dropping “Merrill Lynch” of the name, the Bank of America’s investment bank and capital market businesses would be renamed as BofA securities, alongside the much-cherished lender’s wealth management would be termed as “Merrill”, slashing the “Lynch” from their names.
Before the bank was bought in 2009 during the era of financial crisis, Merrill Lynch was known for its “roaring hub” of financial advisors and powerful investment bank. Unlike other iconic firms such as Bear Stearns and Wachovia, whose names were faded away following acquisitions, the brand name of Bank of America Corp.
had survived for decades, although, even it could not avert the inevitable change which might just have to happen. The move came forward, as the Bank of American had been struggling to boost morale of its investment bank following a gloomier year of declining market shares, alongside revenue and frequent departures of senior leaders.