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Merrill Lynch goes unmentioned as Bank of America settles on CEO choice

Krawcheck doesn't figure in, and press release neglects mention of big wirehouse

Author Brooke Southall December 18, 2009 at 5:47 AM
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Brian Moynihan: We think of this not as changing the business model, but changing the way we do business

Sallie Krawcheck


Peter Scaturro

Luis Cypher

Luis Cypher

December 18, 2009 — 10:53 AM

This article contains a factual error. It states that BofA “acquired” ML for $50 billion. Wrong. Because it was an all-stock deal, the actual price was .86 shares of BofA for each ML share. The “$50 Billion” was an estimate based on the closing price of BofA’s stock price at the time the deal was announced. By the time the deal actually closed months later, BofA’s stock price had fallen so much, that the actual dollar value was approx. $24 billion. Less than half the original estimate.

Note: This comment was moderated by RIABiz webmaster Nevin Freeman to contain only relevant remarks.

Brooke Southall

Brooke Southall

December 18, 2009 — 4:00 PM


Good point. I made a change in the story to reflect the effect that share fluctuations had on the final price paid by Bank of America for Merrill Lynch.


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