In an effort to have the ‘one-company’ brand, the Bank of America is dropping the Merrill Lynch brand for its investment banking and will now be called ‘Merrill’.
On Monday, the bank released the statement that its CEO Brian Moynihan is behind the branding strategy of ‘one-company’ to put bank’s businesses and branding closely together. Now, the new branding, Merrill, will be used for the company’s investment banking, global markets as well as capital markets group.
Stated on the press releases last February 25 that the firm had already made changes and begun multiyear advertising campaign to indicate the changes. There will also be a new corporate logo this coming November this year.
In 2006, the bank purchased the US Trust from Charles Schwab for $3B. The trust is founded in 1853 and is considered the first and oldest trust company in the United States.
The investment bank, as well as trading business, will now be called the BofA Securities. Moreover, the units working with corporate clients will be called Bank of America.
Given the new branding, the firm will also be launching programs to boost its marketing. There will be a new marketing campaign called ‘Merrill bull front and center’ according to an article published by Reuters.
Meanwhile, many financial experts claim that this rebranding move is following on the Goldman Sachs’ Marcus last 2016.
It is known that the Goldman Sachs has come up with the Marcus in an effort to align its potential when it comes to investment management business and to serve a broader spectrum of clients.