Merrill Lynch (US)

Merrill Lynch was widely regarded as one of the world's most prestigious financial management companies until it was undone during the course of 2008 by a strategy of investing in high-risk property derivatives. Unlike many of its competitors, Merrill Lynch had resisted the temptation to diversify into the mainstream consumer banking market in the early 2000s, specializing instead in the corporate and institutional market as an investment bank and asset manager. It was a leading global underwriter of debt and equity securities and a strategic advisor to corporations, governments, institutions and high net worth individuals. In its biggest deal to-date it merged its investment management division in 2006 with that of fixed income specialist BlackRock to create a greatly enlarged giant with combined assets of around $1 trillion. In 2007 and 2008, however, Merrill was forced to report the worst financial results in its long history as a result of disastrous speculation in subprime debt. The bank hoped to put its troubles behind it by ousting its CEO and writing off billions of dollars of assets. But as the credit crisis continued to build, it was forced in September 2008 to surrender its independence in order to avoid bankruptcy. It was acquired by the more broadly based Bank of America for $50bn. Click here to access the Adbrands profile (subscribers only); or subscribe to Adbrands.net here. Adbrands Company Profiles provide a detailed analysis of the history and current operations of leading advertisers, agencies and brands worldwide, and include a critical summary which identifies key strengths and weaknesses. Adbrands Account Assignments tracks account management for the world's leading brands and companies, including details of which advertising agency handles which accounts in which countries for major markets.

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