Merrill Lynch Overview: Merrill Lynch is a major integrated financial services firm, acquired by Bank of America in 2008. Its lines of business include:
- Financial Advisory Services
- Banking Services
- Investment Management
- Investment Banking
- Securities Trading
Size: The firm is among the industry’s largest, across multiple dimensions, including (as of June 2008, except as noted):
- Employees = 60,000
- Financial Advisors = 16,690
- Assets in Client Accounts = $1.6 trillion
- Has a Presence in 40 Countries
Positives: The firm’s comprehensive lines of business and worldwide footprint offer extensive career opportunities, including possibilities for gaining experience in multiple sectors of the industry. Its long reputation as an industry leader makes a tour of duty there a great enhancement to your resume, should you later seek career options elsewhere. Only 4,200 jobs were cut (6.5%) in the first half of 2008, a comparatively small force reduction in light of the huge financial losses currently being reported. The number of financial advisors is still growing.
Negatives: Huge, multi-billion dollar losses and writedowns continue to mount, already wiping out 2-3 years' worth of prior profits. Given Merrill's extreme cyclicality in employment over the past two decades, with total employment swinging between troughs of about 40,000 (in 1987 and 2003) and peaks of around 60,000 (in 2001 and 2007) employees, the 4,200 jobs cut in the first half of 2008 is unexpectedly low. A hiring freeze has been announced in August 2008, effective through year end. The acquisition of Merrill Lynch by Bank of America has shored up the company's financial position, but leaves questions about future strategic direction.
For More Info: See Merrill Lynch’s website. They also have a tab on careers with basic info about employment opportunities there.
