There might be thousands of Merrill Lynch staff working within the Bank of America group, and some former Merrill Lynch staff even have business cards with the Merrill name and old logo on them, but it ain't Merrill Lynch anymore.
And former Merrill CEO David Komansky told Bloomberg TV earlier this week that the fall of the once-great firm 'broke my heart'. Komansky, who was Merrill boss between 1996 and 2002, told the business TV channel: 'As I look at it, it's Bank of America, not Merrill Lynch. They happen to use the Merrill Lynch name on the wealth management side of the business'.
Finally, the news agency also reports that Meredith Whitney, CEO of Meredith Whitney Advisory Group, has said that the big US banks face earnings headwinds as they progress through the second quarter. Ms Whitney said: 'A vast majority of last year's profits for the banks were government-induced. The government is putting a life guard on duty so that people will play in the pool'.