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Bank of America has agreed to purchase Merrill Lynch for around $US44 billion ($A53.4 billion) The Wall Street Journal reported today.
The news follows Bank of America’s abandonment of its bid for troubled Lehman Brothers earlier today.
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Bank of America is one of the United States’ biggest banks, while Merrill Lynch is the world's largest brokerage and a well-recognised investment bank. Although Merrill has been hit by more than $US40 billion ($A48.5 billion) in write-downs their amalgamation is expected to create an international banking giant.
Published: 15-09-0
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