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Bank of America to absorb Merrill Lynch

Aug. 17, 2013 at 12:18 PM

CHARLOTTE, N.C., Aug. 17 (UPI) -- Bank of America Corp. says it can absorb Merrill Lynch & Co. into its corporate structure by the end of the year while keeping it as a separate brand.

Merrill Lynch, which BofA purchased during the financial meltdown of 2008-09, would operate as a separate unit within the bank, rather than as subsidiary, The Wall Street Journal reported Saturday.

The switch would allow BofA to file just one financial statement for itself and Merrill Lynch, the Journal said.

"This will have no impact on how we serve our customers and clients and will have no impact on the Merrill Lynch branded businesses," a BofA spokesman said.

BofA, which peaked with more than 4,000 subsidiaries, has been absorbing its more substantial brands.

The bank now has 1,537 subsidiaries, the Journal said.

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