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Bank of America dissolves Merrill Lynch unit

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According to Bloomberg, Bank of America (BAC) is dissolving Merrill Lynch & Co. and keeping only the brand name just four years after acquiring it.

Bank of America, the second-biggest U.S. lender by assets, is simplifying its structure after CEO Brian Moynihan’s predecessor bought Merrill Lynch in 2009. Merging the legal entity could help Moynihan hit his $8 billion-a-year cost-cutting target and comply with regulators who want to make the biggest banks easier to resolve in a crisis.

Source: Bloomberg

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