Merrill Lynch & Co. losses and acquisition by Bank of America Corp

On Friday shareholders approved Bank of America Corp (NYSE:BAC) takeover of failed Securities firm Merrill Lynch (NYSE:MER), the deal will create banking giant in the financial system leading in most major areas, although the deal is highly risky.

Merrill Lynch agreed the to the merger with Bank of America Corp just one hour after Wall Street investment bank Lehman Brothers filed for bankruptcy on September 15.

The speedy move was to prevent investors of Merrill Lynch pulling their money out fearing that the New York firm would be the next Wall Street firm to collapse.

Source: reuters