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Bank of America, Justice Department near $17 billion deal

Bank of America, Justice Department near $17 billion deal

NEW YORK, Aug. 6 (UPI) --Bank of America and the Justice Department are close to agreeing to a $17 billion deal that will end an investigation into mortgages sold by the bank.
Ananth Baliga
Legal costs pull down Bank of America's quarterly earnings

Legal costs pull down Bank of America's quarterly earnings

NEW YORK, July 16 (UPI) --Bank of America earnings dropped 43 percent for the second quarter as the bank had to pay a large legal settlement that overshadowed otherwise good results.
Ananth Baliga
Citigroup close to negotiating deal for selling bad mortgage

Citigroup close to negotiating deal for selling bad mortgage

NEW YORK, July 9 (UPI) --Citigroup is expected to pay a $7 billion penalty for packaging bad mortgages in the run-up to the financial crisis, according to people close to the matter.
Ananth Baliga
BofA settlement: $9.5B to settle Fannie Mae and Freddie Mac claims

BofA settlement: $9.5B to settle Fannie Mae and Freddie Mac claims

March 27 (UPI) -- Bank of America to pay $6.3 billion to Fanny Mae and Freddie Mac, and repurchase residential mortgage-backed securities worth $3.2 billion.
Danielle Haynes

Bankrupt Detroit reaches deal with two key banks

DETROIT, March 4 (UPI) -- Detroit has reached a deal with two banks that could go a long way to resolving the bankrupt city's financial problems, court documents show.

Pressure on wages is not there and raises are thin

WASHINGTON, Feb. 8 (UPI) -- When job gains are slow, raises for U.S. workers are sluggish, the Labor Department's January Employment Situation report indicated.

Markets plunge Friday on jitters over earnings, emerging markets

NEW YORK, Jan. 24 (UPI) -- U.S. stock indexes plunged for a second consecutive session Friday, with concerns ranging from lackluster corporate earnings to stalled manufacturing in China.

Judge rejects Detroit deal with BofA and UBS

DETROIT, Jan. 17 (UPI) -- A federal judge warned Detroit to stop making hurried and unwise financial decisions, rejecting a payoff of two major banks as too expensive.

FHFA settlements for 2013 reached $7.9 billion

WASHINGTON, Jan. 2 (UPI) -- The U.S. Federal Housing Finance Agency said Thursday it had collected $7.9 billion in settlements from financial firms in 2013.
China's local government debt soars

China's local government debt soars

BEIJING, Dec. 31 (UPI) -- China's local government debt jumped to 17.7 trillion yuan ($2.95 trillion) by mid-year, up 12.7 percent from December 2012, its National Audit Office said.
Hilton hikes price to $2.4 billion in the largest ever hotel IPO

Hilton hikes price to $2.4 billion in the largest ever hotel IPO

Dec. 2 (UPI) -- Hilton hikes its initial public offering, to be the largest hotel IPO ever and possibly the second largest IPO of the year.
Sonali Basak
Twitter shares open 73 percent higher than asking price

Twitter shares open 73 percent higher than asking price

NEW YORK, Nov. 7 (UPI) -- Shares of Twitter topped $50 per share Thursday after opening 73 percent above the initial asking price of $26 on the New York Stock Exchange.
Twitter plans $1B stock market launch under TWTR symbol

Twitter plans $1B stock market launch under TWTR symbol

NEW YORK, Oct. 4 (UPI) -- Twitter Inc. plans a $1 billion stock market launch under the TWTR ticker symbol, but the U.S. online messaging service revealed it has never turned a profit.

British lawmaker questions BofA executive's Libor testimony

LONDON, Sept. 24 (UPI) -- A British lawmaker said a Bank of America executive was less than forthright in his testimony regarding manipulation of a critical benchmark lending rate.

The almanac

UPI Almanac for Saturday Sept. 14, 2013.
By United Press International
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Merrill Lynch
A Bank of America branch is seen on 23rd Street and Broadway in New York on September 15, 2008. Bank of America agreed to buy Merrill Lynch for about $44 billion in a mega-deal on September 14, 2008. (UPI Photo/Laura Cavanaugh)
Wiki

Merrill Lynch & Co., Inc. is a global financial services firm owned by Bank of America now known as Bank of America Merrill Lynch. The firm was acquired by Bank of America under distressed circumstances during the 2008 Financial Crisis. This article describes both the historical Merrill Lynch and its ongoing operations as a subsidiary of the bank. Merrill Lynch provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related financial services worldwide. Merrill Lynch is headquartered in New York City, and occupies the entire 34 stories of the Four World Financial Center building in Manhattan. On September 14, 2008 Bank of America announced its intention to acquire Merrill Lynch for Bank of America common stock. Under the terms of the agreement Merrill Lynch shareholders receive 0.8595 shares of Bank of America stock. Shareholders of both companies approved the acquisition on December 5, 2008 which took effect January 1, 2009.

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 its early history, Merrill, Lynch & Co. made several successful investments. In 1921, the company purchased Pathé Exchange, which later became RKO Pictures. In 1926, the firm made its most significant financial investment at the time, purchasing a controlling interest in Safeway, transforming the small grocery store into the country's third largest grocery store chain by the early 1930s. Following this investment, the company further increased its investment banking focus by transferring its retail brokerage services to E.A. Pierce.

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Merrill Lynch."
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