Bank of America, Merrill Lynch merger continues despite turmoil

The Charlotte ObserverFebruary 27, 2009 

NEW YORK – While investors fret about the wisdom of Bank of America Corp.'s purchase of Merrill Lynch & Co., Brian Moynihan is charging ahead with the integration of the two financial giants.

Merrill's nearly 20,000 financial advisers are already selling banking products such as credit cards and mortgages. The downsizing of the combined investment banking operation is nearly complete. And Moynihan is traveling the globe talking up the merger with employees and customers.

"Every piece makes more sense now than it ever did," Moynihan said in an interview this week in his office in Bank of America's Midtown Manhattan office tower. "And you're starting to see it work."

Moynihan landed his position – head of global banking and global wealth and investment management – in late January after the headline-grabbing departure of former Merrill chief executive John Thain. The job has remained pressure-packed as the bank moves forward with deep job cuts, and the combined bank's financial health has come under increasing scrutiny.

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