Thursday, February 21, 2008

Merrill Lynch Profile
Merrill Lynch Annual Report
John Thain discusses the year (2008) ahead

CEO: John Thain (2007 - present)
Notable Prior CEOs: Stanley O'Neal (2003 - 2007)

Stock Symbol: MER (NYSE)

Recent Close: Yahoo! Finance: MER

Guiding Principles:
  1. Client Focus: The client is the driving force behind what we do.

  2. Respect for the individual: We respect the dignity of each individual, whether an employee, shareholder, client, or member of the general public.

  3. Teamwork: We strive for seamless integration of services. In the client's eyes, there is only one Merrill Lynch.

  4. Responsible Citizenship: We seek to improve the quality of life in the communities where our employees live and work.

  5. Integrity: No one's personal bottom line is more important than the reputation of our company.

Why Our Bank?
  1. Strong Momentum
    • Aggressive management team with a vision towards future success
    • Ongoing investment in the firm's capabilities
    • Focus on delivering innovative solutions to clients

  2. Expansive Opportunities
    • Global presence, with broad product capabilities and industry and country coverage
    • Wide range of opportunities to expand your experience and grow
    • Team structures that give you increased responsibility

  3. Professional Development
    • Flexible career paths with opportunities for mobility
    • World-class training
    • Disciplined feedback mechanisms and development programs

  4. Great People
    • Strong, firmwide commitment to diversity
    • Approachable individuals with a vested interest in your success
    • Mentors, role models and coleagues

    Refer to

Investment Banking Groups:

Global Investment Banking Groups at Merrill Lynch
  • Relationship Banking
  • Financial Sponsors
  • Leveraged Finance
  • Mergers & Acquisition Advisory
  • Debt & Equity Capital Markets
  • Corporate Finance

Notable Deals:
  • Upcoming IPOs as Lead Manager: American Capital Agency; American Water Works; CDM Resources; Colfax; Concentric Medical; Global Entertainment & Media Holdings; National Energy Resources Acquisition; Stewart & Stevenson; Symetra Financial; Tensar


The Merrill Lynch Story
    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. At that time, the firm's name included a comma between Merrill and Lynch. In 1916, Winthrop H. Smith joined the firm. In 1940, the firm merged with E. A. Pierce & Co. and Cassatt & Co. and was briefly known as Merrill Lynch, E. A. Pierce, and Cassatt.

    In 1941, Fenner & Beane joined the firm, and the name became Merrill Lynch, Pierce, Fenner & Beane. On December 31, 1957, The New York Times referred to that name as "a sonorous bit of Americana" and said "After sixteen years of popularizing [it], Merrill Lynch, Pierce, Fenner, and Beane is going to change it—and thereby honor the man who has been largely responsible for making the name of a brokerage house part of an American saga," Winthrop H. Smith, who had been running the company since 1940. At the start of the firm's fiscal year on March 1, 1958, the firm's name became Merrill Lynch, Pierce, Fenner & Smith.

    Merrill Lynch rose to prominence on the strength of its brokerage network (15,000+ as of 2006), sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly. 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. Until as late as 1970, it was known as the "Catholic" firm of Wall Street. 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.

    On November 1, 2007, Merrill Lynch CEO Stanley O'Neal left the company, after being criticized for the way he handled the subprime mortgage crisis, which resulted in about US $ 2.24 billion in unexpected losses, and for discussing in public the possible merger with Wachovia banking corporation, without being authorized by the board to do so. He left Merrill Lynch with about US $ 161 million worth of stock options and retirement benefits. John Thain, CEO of the New York Stock Exchange, succeeded him as CEO on December 1, 2007.

    On January 17, 2008, Merrill Lynch reported a $9.83 billion fourth quarter loss incorporating a $16.7 billion write down of assets associated with subprime mortgages.

1 comment:

Anonymous said...

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