Merrill Lynch in 2004 - Restructuring and Beyond


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Case Details:
Case Code : HROA008
Case Length : 14 pages
Period : 2001 - 2004
Pub Date : 2005
Teaching Note :Not Available
Organization : Merrill Lynch & Co.
Industry : Banking and Financial Institution
Countries : USA

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Background Note

Charles E. Merrill founded Charles E. Merrill & Co. on January 6, 1914 in New York City. After a few months, he was joined by his friend, Edmund C. Lynch. In 1915, the name of the firm was officially changed to Merrill Lynch & Co. In 1941, Merrill became the first Wall Street firm to publish an annual report...

Merrill's Business groups

Global Markets and Investment Banking Group (GMI): GMI encompassed Merrill's institutional securities and advisory businesses. It offered worldwide client facilitation and trading services for new issue and secondary market instruments to clients on its own account...

The Scandals

A series of scandals in the late 1990s and early 2000s contributed to Merrill's decline. These included: allegations of biased research; assisting Enron with fraudulent business transactions; involvement in the Martha Stewart-ImClone insider trading scandal and various other deals...

Restructuring under O'Neal

O'Neal, an African American, had joined Merrill as a director in the company's Investment Banking group in 1986. In the next few years, he managed diverse departments. David Komansky, former CEO of Merrill recognized his potential and groomed him as his successor...

Future Outlook

For the first nine months of 2004, Merrill's net earnings at $3.3 billion were higher by 24% as compared to earnings of same period in 2003. These were earnings reported for the nine-month period ending September 2003...

Exhibits

Exhibit I: Research Update (Action taken to improve system)
Exhibit II: Merrill Lynch Research Rankings
 

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