People often confuse themselves differentiating bank of America and its Merrill lynch. They belong to same category but are actually different. Merrill lynch is a branch of Bank of America. Let us find out how these two are different from each other.
Bank of America
It is often abbreviated as BofA, it is an American multinational bank providing financial services globally. The headquarter of Bank of America is located in North Carolina having central hubs in other cities of the world including London, Hong Kong, Toronto etc.
Bank of America is the second largest banking institution in US. It provides two main services known as, consumer banking and Global banking.
Merrill Lynch was founded by Charles Merrill and Edmund Lynch. It is actually a division of Bank of America under its auspices. It is division of Bank of America for investment and wealth management. Merrill Lynch provides its services in mergers, equity and debt capital market, landing and trading and payment management etc. It is organized in four geographical regions in followings locations:
- Asia Pacific
- Europe, Middle East and Africa
- Latin America, US and Canada
Merrill Lynch is known for its thundering herd retail brokerage. Merrill LynchItame of Merrill Lynch.
Bank of America
Bank of America Merrill Lynch
|Definition||Second largest banking institution of United States.||A branch of Bank of America.|
|Services||It provides financial services to its customer.||It provides investment and wealth management services to its customers.|
|Headquarter||Bank of America has its headquarter in North Carolina.||Bank of America Merrill Lynch have headquarter in Hong Kong.|
|Type of bank||It is the main bank.||It is branch of Bank of America.|