Bank of America agrees to buy Merrill for $50 bln
Bank of America Corp. said early Monday it would acquire Merrill
Lynch in a $50 billion all-stock transaction that should lift the
uncertainty shrouding the investment bank since the start of the credit
crisis over a year ago.
Charlotte, N.C.-based Bank of America has
the most deposits of any U.S. bank, while Merrill Lynch & Co. Inc.
is the world's largest and most widely recognized brokerage.
Bank of America will rival Citigroup Inc., the biggest U.S. bank in terms of assets.