Few businesses symbolized the might of Wall Street as much as Merrill Lynch & Co. Inc., right down to the bull on the investment bank’s logo. But while Merrill was able to survive numerous financial traumas — including the stock market crash of 1929 — the current economic crisis proved too much. After suffering more than $25 billion in subprime mortgage-related losses, Merrill sold itself last year to Bank of America Corp.
The merger has resulted in job losses for thousands of employees, including Merrill’s in-house lawyers. Last December, Charlotte-based Bank of America announced that it would cut up to 35,000 positions over the next three years. Merrill spokesman William Halldin declined to say how many of the banks’ attorneys have lost or will lose their jobs.
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