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U.S. markets recover from steep losses
CHARLOTTE, N.C., Jan. 1 (UPI) -- Bank of America said Thursday it had closed on a purchase of New York investment bank Merrill Lynch, creating the world's largest wealth management business.
The new company includes 20,000 financial advisers with "more than $2 trillion in client assets," Bank of America said in a statement.
Its holdings include 50 percent ownership of BlackRock Inc., with $1.26 trillion in managed assets on Sept. 30 and $564 billion of its own assets, the bank said.
"We are now uniquely positioned to win market share and expand our leadership position in markets around the world," Chairman and Chief Executive Officer Ken Lewis said.
Under terms of the agreement, Merrill Lynch shareholders will receive 0.8595 shares of Bank of America common stock for each common share of Merrill Lynch they own.
Bank of America said the purchase would realize a savings of $7 billion in pretax operating redundancies by 2012.
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