Bank of America acquires Merrill Lynch

By Lisa Kerner

Charlotte, N.C., Jan. 2 - Bank of America Corp. said it completed its buyout of Merrill Lynch & Co., Inc. as expected, creating the largest wealth-management business in the world with more than $2 trillion in client assets.

Merrill Lynch shareholders received 0.8595 shares of Bank of America common stock for each share of the New York investment firm's common stock, Bank of America said.

Charlotte, N.C.-based Bank of America said it expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012, through job cuts and reductions in overlapping technology, vendor and marketing expenses.

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