Merrill Lynch & Co., Inc.

Merrill Lynch & Co., Inc.
Company Profile
Publication Date: 29 Dec 2007
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Merrill Lynch & Co., Inc. Page 2

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TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview..............................................................................................4
Key Facts...............................................................................................................4
Business Description...........................................................................................5
History...................................................................................................................7
Key Employees...................................................................................................10
Key Employee Biographies................................................................................12
Major Products and Services............................................................................20
Revenue Analysis...............................................................................................21
SWOT Analysis...................................................................................................22
Top Competitors.................................................................................................28
Company View.....................................................................................................29
Locations and Subsidiaries...............................................................................32
Latest Company News.......................................................................................34

© Datamonitor
Company Overview
COMPANY OVERVIEW
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory
companies, with offices in 38 countries and territories. As an investment bank, it participates in global
trading and underwriting of securities and derivatives across a range of asset classes. The company
is headquartered at New York City, New York and employs approximately 56,000 people.
The company recorded revenues of $32,690 million during the fiscal year ended December 2006,
an increase of 25.6% over 2005. The operating profit of Merrill Lynch was $8,659 million in 2006,
an increase of 19.7% over 2005. The net profit was $7,311 million in 2006, an increase of 44.9%
over 2005.
KEY FACTS
Head Office Merrill Lynch & Co., Inc.

4 World Financial Center
250 Vesey Street
New York City
New York 10080
USA
Phone 1 212 449 1000
Fax
Web Address http://www.ml.com
Revenue / turnover 32,690.0
(USD Mn)
Financial Year End December
Employees 56,200
New York Ticker MER

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Business Description
BUSINESS DESCRIPTION
Merrill Lynch is a leading investment bank in the US. It is also a leading global trader and underwriter
of securities and derivatives across a range of asset classes, and it is also a strategic advisor to
corporations, governments, institutions and individuals worldwide. The company’s products include
brokerage services, investment banking, financing, wealth management, advisory, asset management,
insurance, lending, and other related products and services. Merrill Lynch also has 49% of the stake
in BlackRock, one of the world's largest publicly traded investment management companies. Merrill
Lynch operates in 38 countries and territories including the US, Europe, the Middle East and Africa
(EMEA), the Pacific Rim, Latin America, and Canada.
The company had three operating divisions until the merger of Merrill Lynch investment managers
(MLIM) with BlackRock in 2006. The three, older, segments of the company included global markets
and investment banking (GMI), global private client (GPC), and MLIM. After the BlackRock merger,
MLIM ceased to exist as a separate business segment and a new business segment named global
wealth management (GWM) was created. GWM consists of GPC and global investment management
(GIM).
The company’s new reporting segments include: global markets and investment banking (GMI) and
global wealth management (GWM).
GMI acts as Merrill Lynch's institutional business segment, which offers equity, debt and commodities
trading, capital market services, investment banking and advisory services. This division’s services
can be categorized into global markets and investment banking.
GMI’s global market revenues are derived from two asset classes: fixed income, currencies and
commodities (FICC) and equity markets. FICC division facilitates client transactions and is a market
maker in securities, derivatives, currencies, commodities and other financial instruments. The equity
markets provide clients with financing, securities clearing, settlement, and custody services. It also
engages in equity-linked derivatives including exchange-traded options, convertible securities,
financial futures and structured products on a global basis. The equity markets also offer full-service
cash equity trading and portfolio and electronic trading capabilities on a global basis.
GMI's investment banking unit provides a range of origination and advisory services for its issuer
clients. These services include public or private placement of equity and debt (related securities) as
well as lending and other financing activities. The investment banking unit also offers advisory
services regarding strategic issues, valuation, mergers, acquisitions and restructurings.
GWM consists of global private clients (GPC) and global investment management (GIM) operations.
GWM is a full-service retail wealth management segment, which offers brokerage, investment
advisory and financial planning services. It provides a range of both proprietary and third-party wealth
management products and services to individuals, small- to mid-size businesses, and employee
benefit plans globally.

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Business Description
GPC provides advice-based wealth management services and products through a global distribution
network including 15,880 Financial Advisors (FAs) in approximately 680 offices globally as of year-end
2006. GIM manages alternative investment products for its clients such as the hedge fund. GIM
includes Merrill Lynch’s investment in BlackRock.
Merrill Lynch's three core businesses are supported by the following key corporate organizations:
global research, global infrastructure solutions and office of general counsel.

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History
HISTORY
Merrill Lynch's existance dates back to 1914, when Charles E Merrill & Co was set-up. A year later,
Charles E Merrill & Co changed its name to Merrill Lynch & Co (Merrill Lynch) . In 1921, Merrill Lynch
acquired the US unit of Pathe Exchange, an affiliate of the French film pioneer Pathe Freres. In the
following year, the company acquired a controlling interest in Safeway Stores, a Southern California
grocery chain.
The company sold its retail brokerage business and branches to EA Pierce in 1930, while it began
to concentrate on investment banking operations. The company reacquired its retail brokerage
business by acquiring EA Pierce and Cassatt in 1940. Subsequently, the company merged with
Fenner & Beane, a securities firm.
Merrill Lynch started expanding worldwide in the 1960s, by setting up an office in London. The
company was also the first US brokerage firm to establish a presence in Tokyo, Japan. The purchase
of CJ Devine, four years later, made Merrill Lynch a government dealer in fixed income securities.
The company's shares were listed on NYSE in 1971. After five years, Merrill Lynch Asset Management
was created as an integral business unit of Merrill Lynch. In line with its quest for expansion and
diversification, the company acquired White Weld, an international investment banking firm at the
end of the 1970s. The company opened up its Asian Pacific regional office in Hong Kong, during
1982. The growth story continued when in 1985 when Merrill Lynch became the first foreign securities
firm to become a regular member of the Tokyo Stock Exchange.
Early in 1990’s, Merrill Lynch opened offices in Shanghai, becoming the first US securities firm to
open an office in China. The 1995 acquisition of Smith New Court made Merrill Lynch the largest
equity organization in the world. Later in the decade, the company made further acquisitions including
McIntosh and Centaurus in Australia, Phatra Thanakit Securities in Thailand, FC Inversiones Bursatiles
in Spain, Mercury Asset Management in the UK, and Midland Walwyn in Canada.
In 2000, Merrill Lynch launched an equity wholesaling business in Europe, MLX MarketEdge, which
provided trading in 15,000 European, US and UK equities. Also in the year, the company merged
with Herzog Heine Geduld, the third-largest Nasdaq market maker.
CIBC announced that it had successfully completed the purchase of the shares of Merrill Lynch's
asset management business in Canada in 2002. Later in 2002, Merrill Lynch was at the center of
an investigation led by New York Attorney General, Eliot Spitzer, examining 'conflicts of interest'
between equity research and investment banking activities. Despite no admission of wrong doing,
Merrill Lynch agreed to a $100 million fine and went on to restructure relations between its research
operations and potential clients. The global private client segment was created in 2002, which
combined Merrill Lynch’s U. and international private client groups.

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History
The company acquired the US equities and options execution and clearing unit of ABN AMRO in
2004. Also during the year, Merrill Lynch acquired the energy trading businesses of Entergy-Koch,
a venture of Entergy Corporation and Koch Energy.
In 2005, Merrill Lynch started a venture with Huaan Securities to expand in China. Subsequently,
Merrill Lynch acquired Pax Clearing Corporation, an Illinois-based stock clearing firm, and the internal
investment management units of Royal Philips Electronics. This was followed by another acquisition,
that of AMVESCAP's US 401(k) retirement business.
Merrill Lynch increased its ownership interest in DSP Merrill Lynch (India) to 90% in 2006. Around
the same time, the company acquired the direct market access trading firm from Archipelago.
In April 2006, Merrill Lynch and Mitsubishi UFJ Financial Group launched a joint venture private
banking firm in Japan. Subsequently, the company acquired a retirement-related business, Equity
Methods; a UK specialist mortgage lender Freedom Funding; and Peninsula Capital, a start-up
mortgage, origination business in South Korea. BlackRock and Merrill Lynch entered into an
agreement to merge Merrill Lynch Investment Managers and BlackRock to create a new independent
company in 2006. The merger was completed in October 2006 and the new company operated as
BlackRock.
Merrill Lynch acquired Tat Yatirim Bankas; the acquisition established an investment banking platform
in Turkey, in 2006. Again, in 2006, the company acquired Petrie Parkman & Company, a leading
investment bank serving the North American oil and gas industry; the acquisition provided a
commodities platform to Merrill Lynch.
Early in 2007, the company acquired First Franklin, one of the leading originators of residential
mortgage loans in the US. Irish Life & Permanent and Merrill Lynch formed a joint venture, Springboard
Mortgages, for the origination of specialist residential mortgage loans in Ireland in January 2007. In
June 2007, Merrill Lynch received a banking license from the Capital Markets Authority to operate
in Saudi Arabia.
Merrill Lynch allied with AEGON to capture business in insurance and investment products, in August
2007. Merrill Lynch acquired First Republic Bank, a private bank and wealth management firm for
$1.8 billion in September 2007. In the same month, ASSET4, a leading provider of corporate
environmental, social and corporate governance serives (ESG), and Merrill Lynch entered into a
strategic marketing relationship. Merrill Lynch acquired a global license to incorporate ASSET4's
integrated ESG investment information into its investment research and product.
In October 2007, the company recorded huge write offs for the third quarter of 2007 in its investment
banking operations. This was followed by major changes to the top management.
Merrill Lynch entered into an agreement to sell its middle-market commercial finance business,
Merrill Lynch Capital, to GE in December 2007. In the same month, Merrill Lynch reached agreement
to issue up to $6.2 billion of common stock in a private placement with Temasek Holdings and Davis

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History
Selected Advisors. The issue would enhance the capital level of Merrill Lynch and strengthen its
balance sheet.

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Key Employees
KEY EMPLOYEES
Name Job Title Board Compensation

John A. Thain Chairman and Chief Executive Executive Board
Officer
Armando M. Codina Director Non Executive Board 267570 USD
Virgis W. Colbert Director Non Executive Board
Alberto Cribiore Director Non Executive Board 291595 USD
John D. Finnegan Director Non Executive Board 281803 USD
Judith Mayhew Jonas Director Non Executive Board 126760 USD
Aulana L. Peters Director Non Executive Board 290560 USD
Joseph W. Prueher Director Non Executive Board 291507 USD
Ann N. Reese Director Non Executive Board 261188 USD
Charles O. Rossotti Director Non Executive Board 266560 USD
Carol T. Christ Director Non Executive Board
Rosemary Berkery Vice Chairman and General Counsel Senior Management
Ahmass Fakahany President and Chief Operating Senior Management
Officer
Gregory J. Fleming President and Chief Operating Senior Management 33883123 USD
Officer
Robert J. McCann President of the Global Wealth Senior Management 42541061 USD
Management
Jason Brand Group President of Merrill Lynch Senior Management
Pacific Rim
Candace Browning President of Merrill Lynch Global Senior Management
Research
Samuel R. Chapin Vice Chairman, Executive Client Senior Management
Coverage Group
Damian Chunilal Chief Operating Officer, Merrill Senior Management
Lynch Pacific Rim and Head of
Pacific Rim Investment Banking
Nelson Chai Chief Financial Officer Senior Management
Diane L. Schueneman Head of Global Infrastructure Senior Management
Solutions
Tsunehiro Nakayama Chairman, Merrill Lynch Japan Senior Management
Securities Company and Vice
Chairman, Merrill Lynch
International

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Key Employees
Name Job Title Board Compensation

Bob Wigley Chairman, Europe, Middle East and Senior Management
Africa
Margaret D. Tutwiler Head of Communications and Public Senior Management
Affairs
Raymundo Yu Chairman, Asia Pacific Region Senior Management
Rohit D'Souza Head of Global Equities and Senior Management
Americas Global Markets, Global
Markets and Investment Banking
H. McIntyre Gardner Head of Americas Region and Senior Management
Global Bank Group, Global Wealth
Management
Andrea Orcel Head of Global Origination and Senior Management
President of EMEA Global Markets
and Investment Banking
James B. Quigley Vice Chairman; Chairman of Merrill Senior Management
Lynch International and Head of
Latin America Global Markets and
Investment Banking
Diane L. Schueneman Head of Global Infrastructure Senior Management
Solutions
David Sobotka Head of Fixed Income, Currencies Senior Management
and Commodities
Daniel C. Sontag Head of Americas Client Senior Management
Relationship Group, Global Wealth
Management
Nathan C. Thorne President, Global Private Equity, Senior Management
Global Markets and Investment
Banking

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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
John A. Thain
Board: Executive Board

Job Title: Chairman and Chief Executive Officer
Since: 2007
Age: 52
Mr. Thain has been the Chairman and Chief Executive Officer of Merrill Lynch since 2007. Prior to
assuming his current role in December 2007, Mr. Thain served as Chief Executive Officer and a
Director of NYSE Euronext, following the NYSE Group and Euronext N.V. merger in June 2006. Mr.
Thain joined the NYSE in January 2004. Before joining the NYSE, Mr. Thain was employed by
Goldman Sachs Group, where he served as President and Chief Operating Officer.
Armando M. Codina
Board: Non Executive Board

Job Title: Director
Since: 2005
Age: 60
Mr. Codina has been a Director of Merrill Lynch since 2005. He is also the President and Chief
Executive Officer of Flagler Development Group. He is the Chairman Emeritus of the Board of
Trustees of Florida International University.
Virgis W. Colbert

Job Title: Director
Since: 2006
Age: 68
Mr. Colbert has been a Director of Merrill Lynch since 2006. He was the Executive Vice President
of worldwide operations for Miller Brewing Company.
Alberto Cribiore

Job Title: Director
Since: 2003
Age: 62

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Mr. Cribiore has been a Director of Merrill Lynch since 2003. He was the Managing Partner and
founder of Brera Capital Partners, a global private equity investment firm. He was the Co-President
of Clayton, Dubilier & Rice, a private equity investment firm.
John D. Finnegan

Job Title: Director
Since: 2004
Age: 58
Mr. Finnegan has been a Director of Merrill Lynch since 2004. He was the Chairman of the Board,
President and Chief Executive Officer of The Chubb Corporation, a property and casualty insurance
company. He served as the Executive Vice President of General Motors Corporation, and Chairman
and President of General Motors Acceptance Corporation, a subsidiary of General Motors Corporation.
Judith Mayhew Jonas

Job Title: Director
Since: 2006
Age: 59
Mr. Jonas has been a Director of Merrill Lynch since 2006. He was a member of the U.K. government's
Commission for Equality and Human Rights. He served as the Provost of Kings College, Cambridge;
former Special Adviser to the Chairman, Clifford Chance, Solicitors. He was the Vice Chair of the
London Development Agency.
Aulana L. Peters

Job Title: Director
Since: 1994
Age: 65
Mr. Peters has been a Director of Merrill Lynch since 1994. He was the Partner in the law firm of
Gibson, Dunn & Crutcher. He was a member, Public Oversight Board of AICPA. He served as the
Commissioner of the US Securities and Exchange Commission.
Joseph W. Prueher

Job Title: Director

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Since: 2001
Age: 64
Mr. Prueher has been a Director of Merrill Lynch since 2001. He was the US Ambassador to the
People’s Republic of China from 1999 to 2001. He serves as the Consulting Professor to the
Stanford-Harvard Preventive Defense Project. He was the US Navy Admiral (Ret.),
Commander-in-Chief of U.S. Pacific Command from 1996 to 1999.
Ann N. Reese

Job Title: Director
Since: 2004
Age: 54
Ms. Reese has been a Director of Merrill Lynch since 2004. She is the Co-Founder and Co-Executive
Director of the Center for Adoption Policy, a not-for-profit corporation. She was the Principal, Clayton,
Dubilier & Rice, a private equity investment firm and former Executive Vice President and Chief
Financial Officer of ITT Corporation, a hotel and leisure company.
Charles O. Rossotti

Job Title: Director
Since: 2004
Age: 66
Mr. Rossotti has been a Director of Merrill Lynch since 2004. He was a Senior Advisor to The Carlyle
Group, a private global investment firm and former Commissioner of Internal Revenue at the Internal
Revenue Service. He was also the Chairman and Chief Executive Officer of American Management
Systems, an international business and information technology consulting firm.
Carol T. Christ

Job Title: Director
Since: 2007
Age: 63
Ms. Christ has been a Director of Merrill Lynch since 2007. She is the President of Smith College.
She was the former Executive Vice Chancellor and Provost of University of California, Berkeley.
Rosemary Berkery

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Board: Senior Management

Job Title: Vice Chairman and General Counsel
Since: 2007
Ms. Berkery has been the Vice Chairman and General Counsel of Merrill Lynch since 2007. Prior
to assuming her current role in July 2007, she served as Executive Vice President and General
Counsel. She has been at Merrill Lynch since 1983 and served as the Senior Vice President and
Director of US Private Client (USPC) Marketing & Investments. She has held a number of other
positions within the firm, including Associate General Counsel, responsible for managing the Corporate
Law Department, which serves as counsel to the Board of Directors and executive management.
Ms. Berkery began her career with Shearman & Sterling where, from 1978 to 1983, she was a
Corporate and Securities Lawyer, specializing in mergers and acquisitions.
Ahmass Fakahany

Job Title: President and Chief Operating Officer
Since: 2007
Mr. Fakahany has been the President and Chief Operating Officer of Merrill Lynch since 2007. Prior
to this current role he served as the Vice Chairman and Chief Administrative Officer. Previously, he
served as Executive Vice President and Chief Financial Officer. From October 2001 to November
2002 he served as Chief Operating Officer of global markets and investment banking. Prior to joining
Merrill Lynch, Mr. Fakahany held several senior finance positions with Exxon Corporation at the
corporate and regional level. He is also is a Member of the Board of Directors of the Institute of
International Finance.
Gregory J. Fleming

Job Title: President and Chief Operating Officer
Since: 2007
Mr. Fleming has been the President and Chief Operating Officer of Merrill Lynch since May 2007.
Previously, he was President of global markets and investment banking. Prior to that, he was Co-Head
of the global financial institutions group. He had also served as Chief Operating Officer of Global
Investment Banking. He had been a Managing Director of Global Investment banking since 1998,
and head of the United States Financial Institutions Group since 1999. Mr. Fleming joined Merrill
Lynch in 1992. Previously, he was a Principal at Booz-Allen & Hamilton, the management-consulting
firm.
Robert J. McCann

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Job Title: President of the Global Wealth Management

Since: 2005
Mr. McCann has been the President of the Global Wealth Management Group of Merrill Lynch since
2005. He has held a series of positions since joining the company in 1982 as an Associate in the
M.B.A. Sales & Trading program. From 2003 to 2005, he served as the Vice Chairman of the
company’s wealth management. Previously, Mr. McCann was Head of global securities research
and economics. From 2000 to 2001, he served as the Chief Operating Officer of the global markets
and investment banking group and was Head of the global institutional client division prior to that.
Additionally, Mr. McCann led the global equity markets division from 1995 to 1998.
Jason Brand

Job Title: Group President of Merrill Lynch Pacific Rim
Since: 2006
Mr. Brand has been the President of Merrill Lynch Pacific Rim since 2006. He was Co-President of
Pacific Rim global markets and investment banking. Prior to this appointment, he served as Head
of Pacific Rim global markets. Until 2005, Mr. Brand was the Head of Americas debt sales and the
Chief Operating Officer for the global investor client group at Merrill Lynch. Before that, Mr. Brand
led the corporate finance group as part of investment banking in Japan. He joined Merrill Lynch in
1993 as a Derivative Marketer in the fixed income division.
Candace Browning

Job Title: President of Merrill Lynch Global Research
Since: 2007
Ms. Browning has been the President of Merrill Lynch global research since 2007. From February
2003 to July 2007, she served as Head of global research securities and economics group. Earlier,
she served as a Director of equity research for the Americas region. From 2000 to 2001, she served
as a Deputy Director, global research product, Pan-Europe, for MLEMEA Research Management.
Before joining research management, Ms. Browning covered the airline industry in the US. She was
the President of the Society of Airline Analysts and was a member of the Board of Directors of the
Wings Club, an airline and aerospace industry club. Ms. Browning joined Merrill Lynch in 1990 as
a research analyst.
Samuel R. Chapin

Job Title: Vice Chairman, Executive Client Coverage Group

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Mr. Chapin is a Vice Chairman of executive client coverage group of Merrill Lynch. He was Head of
the global investment banking division of Merrill Lynch & Company from 2001 to 2003. Prior to that,
Mr. Chapin was Co-Head of the global industries investment banking group. He joined Merrill Lynch
in 1984 as a member of the mergers and acquisitions group and was named a Managing Director
in corporate banking in 1993.
Damian Chunilal

Job Title: Chief Operating Officer, Merrill Lynch Pacific Rim and Head of Pacific Rim Investment
Banking
Since: 2006
Mr. Chunilal has been the Chief Operating Officer, Merrill Lynch Pacific Rim, and Head of Pacific
Rim Investment Banking since 2006. He was the Co-President of Pacific Rim global markets and
investment banking. Prior to assuming that role, he was Head of the debt issuer client group in
Europe. Prior to that, Mr. Chunilal was the Global Head of Merrill Lynch's debt capital markets
financial institutions group. He joined Merrill Lynch in 1989.
Nelson Chai

Job Title: Chief Financial Officer
Since: 2007
Mr. Chai has been the Chief Financial Officer of Merrill Lynch since 2007. Before his appointment
in December 2007, Mr. Chai was Executive Vice President and Chief Financial Officer of NYSE
Euronext, and its predecessor company NYSE Group since January 2006. He was Chief Financial
Officer of Archipelago Holdings from 2000 to 2005. Before joining Archipelago in 2000, Mr. Chai
was Senior Vice President of business development and a Member of the executive committee of
Dade Behring.
Diane L. Schueneman

Job Title: Head of Global Infrastructure Solutions
Since: 2006
Ms. Schueneman has been the Head of global infrastructure solutions of Merrill Lynch since 2006.
Previously, from 2004 to 2006, she served as Head of global operations and infrastructure services.
Since starting her Merrill Lynch career in 1971 as an Account Executive in institutional sales, Ms.
Schueneman has held a number of successive management roles. She serves on the board of the
Depository Trust & Clearing Corporation and Chairs the committee overseeing its Deriv/SERV
subsidiary.

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Tsunehiro Nakayama

Job Title: Chairman, Merrill Lynch Japan Securities Company and Vice Chairman, Merrill Lynch
International
Since: 2007
Mr. Nakayama has been the Chairman of Merrill Lynch Japan Securities Company and Vice Chairman
of Merrill Lynch International since 2007. From 1971 to 2007, he worked at the Industrial Bank of
Japan and its successor institution, Mizuho Financial Group. Most recently, he served as Deputy
President of Mizuho Corporate Bank.
Bob Wigley

Job Title: Chairman, Europe, Middle East and Africa
Mr. Wigley is the Chairman of Europe, Middle East and Africa operations of Merrill Lynch. He has
held a number of management positions at Merrill Lynch, serving from 2003 to 2004 as Chairman
of EMEA corporate banking, Global Co-Head of telecom and media investment banking in 2002,
Co-Head of U.K. investment banking in 2001 and Co-Head of corporate broking in 2000. He joined
Merrill Lynch from Morgan Grenfell in 1996.
Margaret D. Tutwiler

Job Title: Head of Communications and Public Affairs
Since: 2007
Ms. Tutwiler has been the Head of Communications and Public Affairs of Merrill Lynch since 2007.
Before beginning that role in December 2007, she had been Head of global communications and
government relations for the NYSE Euronext and its predecessor company NYSE Group since July
2004. Ms. Tutwiler was the U.S. Undersecretary of State for Public Diplomacy and Public Affairs
during 2003 to 2004. She had served as the U.S. Ambassador to the Kingdom of Morocco from July
2001 until August 2003 and had served in the White House as Assistant to the President and Special
Advisor for communications from January to June of 2001.
Raymundo Yu

Job Title: Chairman, Asia Pacific Region
Since: 2006

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Mr. Yu has been the Chairman of Asia Pacific of Merrill Lynch since 2006. From 2002 until 2006,
he was Head of global private client's Europe, Middle East and Africa, and Pacific regions. Mr. Yu
joined Merrill Lynch International as a Management Trainee in 1981, serving in New York and London.
In 1992, he assumed responsibility for the firm's private client activities in the Asia-Pacific region,
as District Director. In May 2000, he was appointed Chairman of IPC of Asia Pacific region and in
July 2000, Chairman of Merrill Lynch (Asia Pacific). In April 2001, he was promoted to Senior Vice
President of Merrill Lynch & Co. In October 2001, he held the position of Chairman of IPC Pacific
Rim.
Rohit D'Souza

Job Title: Head of Global Equities and Americas Global Markets, Global Markets and Investment
Banking
Since: 2006
Mr. D'Souza has been Head of global equities and Americas global markets, global markets and
investment banking of Merrill Lynch since 2006. Before being named to his current position in July
2006, Mr. D'Souza served as Head of global equity. Prior to joining Merrill Lynch in October 2004,
he was head of Morgan Stanley's North American equity trading businesses. Previously, Mr. D'Souza
worked at the Investment Technology Group. He started his career at Barra, a provider of financial
risk management solutions.

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Major Products and Services
MAJOR PRODUCTS AND SERVICES
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory company.
The company's key products and services include the following:
Advisory services
Alternative Investments
Banking, trust and insurance services
Cash equity trading
Commercial real estate
Commodities
Corporate finance
Credit lines
Debt capital markets
Equity capital markets
Equity-linked trading
Foreign exchange services
Global markets financing and services
Global private equity
Investment management
Leveraged finance
Research
Retirement services
Structured finance and investments

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Revenue Analysis
REVENUE ANALYSIS
The company recorded revenues of $32,690 million during the fiscal year ended December 2006,
an increase of 25.6% over 2005. For the fiscal year 2006, the US, the company's largest geographic
market, accounted for 63.1% of the total revenues.
Merrill Lynch generated revenues through three business divisions: global markets and investment
banking (57.5%), global private client (36.8%), and Merrill Lynch investment managers (5.8%).
Revenues by Division
During the fiscal year 2006, the global markets and investment banking division recorded revenues
of $18,917 million, an increase of 36.6% over 2005.
The global private client division recorded revenues of $12,107 million in fiscal year 2006, an increase
of 12.1% over 2005.
The Merrill Lynch investment managers division recorded revenues of $1,900 million in fiscal year
2006, an increase of 5.1% over 2005.
Revenues by Geography
The US, Merrill Lynch's largest geographical market, accounted for 63.1% of the total revenues in
the fiscal year 2006. Revenues from the US reached $20,634 million in 2006, an increase of 17.9%
over 2005.
Europe, Middle East, and Africa accounted for 21.3% of the total revenues in the fiscal year 2006.
Revenues from Europe, Middle East, and Africa reached $6,967 million in 2006, an increase of
46.1% over 2005.
Pacific Rim accounted for 11.3% of the total revenues in the fiscal year 2006. Revenues from Pacific
Rim reached $3,691 million in 2006, an increase of 37.7% over 2005.
Latin America accounted for 3.1% of the total revenues in the fiscal year 2006. Revenues from Latin
America reached $1,020 million in 2006, an increase of 21.6% over 2005.
Canada accounted for 1.2% of the total revenues in the fiscal year 2006. Revenues from Canada
reached $378 million in 2006, an increase of 65.1% over 2005.

© Datamonitor
SWOT Analysis
SWOT ANALYSIS
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory
companies, with offices in 38 countries and territories. Merrill Lynch has a considerable advantage
over its competitors, being a major market player in most of its businesses lines. The company is a
leading global investment banking firm that participates in virtually all aspects of investment banking
for corporate, institutional, government and municipal clients. Diversity of offerings allows Merrill
Lynch to maximize its opportunity base and minimize losses in declining segments. However, ongoing
consolidation is creating larger rivals with diversified businesses who could take away market share
from the company.
Strengths Weaknesses
Broad offerings Ratings downgraded

Strong revenue growth Relatively lower margins
Strong presence in global wealth Declining cash flow from operations
management (GWM)
Opportunities Threats
Enhancing scope through acquisitions and Consolidation in the banking industry

joint ventures Increased regulatory pressures for
Merger of Merrill Lynch investment investment banks in the US
managers segment with BlackRock Legal proceedings
Expansion in Middle East Credit crunch
Investment banking
Strengths
Broad offerings
Merrill Lynch has a considerable advantage over its competitors, being a major market player in
most of its businesses lines.The company is a leading global investment banking firm that participates
in virtually all aspects of investment banking for corporate, institutional, government and municipal
clients. It acts in principal, agency and advisory capacities. Furthermore, the company offers brokerage
services, financing, wealth management, advisory, asset management, insurance, lending, and
other related services on a global basis. Merrill Lynch’s banking, trust, lending, and related services
include mortgage loans, commercial loans, securities based loans, trust, deposit taking, and cash
management. Besides it also provides insurance and annuity products. This diversity of product
offerings enhances Merrill Lynch's revenue generation capacity.

© Datamonitor
SWOT Analysis
Strong revenue growth
Merrill Lynch recorded consistent revenue growth over the last five years. The company recorded
CAGR of 16% in revenues during 2002-2006. This was primarily due to robust growth in revenue in
its global markets and investment (GMI) banking segment and global wealth management. During
2002-2006, the GMI segment registered a CAGR of 23%. The global wealth management segment
recorded a CAGR of 8% during 2002-2006. Strong revenue growth indicates a robust market share
and an increasing customer base.
Strong presence in global wealth management (GWM)
Merrill Lynch’s GWM division is a leading provider of a broad range of both proprietary and third-party
wealth management products and services globally to individuals, small- and mid-size businesses
and employee benefit plans. By the end of first quarter of fiscal 2007, the company had client assets
of approximately $1.6 trillion. GWM’s GIM unit’s services primarily manage alternative investment
products for its clients such as the hedge fund. The GIM unit also includes, 49% stake in BlackRock,
one of the world’s largest publicly traded investment management firms. The merger with BlackRock
has further strengthened the market position of the GMW segment of Merrill Lynch. Strong market
presence in the wealth management sector gives Merrill Lynch a competitive edge.
Weaknesses
Ratings downgraded
Merrill Lynch's ratings were downgraded in October 2007, by JPMorgan Chase and Credit Suisse
Group. The two rival firms downgraded the company’s recommendations to neutral while reducing
their earnings estimates for 2007 and 2008. This move was driven by the Merrill Lynch’s
announcement over the losses recorded in the third quarter of 2007. In the third quarter of 2007,
Merrill Lynch reported a net loss of $2.3 billion, due to major write offs in fixed income, currencies
and commodities products. In December 2006, Merrill Lynch purchased First Franklin, the 10th-largest
subprime lender in 2006. At the same time, Merrill Lynch was the largest underwriter of collateralized
debt obligations, many of which are based on bonds, the returns of which are backed by mortgage
payments in 2006. This exposure broke down the risk management process, taking the write off to
nearly $7.9 billion. The reported write offs, lower profit estimates and reduced ratings will affect
investor confidence adversely.
Relatively lower margins
Despite a strong revenue growth and favorable business environment, the company has not been
successful in translating this increase to strong margins. Merrill Lunch’s operating margin in 2006
was 26.5%, a decline of 130 basis points over the previous year. Moreover, the company’s competitors
like Goldman Sachs, Morgan Stanley and Credit Suisse Group recorded higher operating margins.
During the fiscal year 2006, Goldman Sachs recorded operating margin of 38.6%, while Morgan

© Datamonitor
SWOT Analysis
Stanley and Credit Suisse recorded operating margins of 31.8% and 37% respectively. Relatively
lower profit margins reflects poorly on Merrill Lunch’s cost control mechanism.
Declining cash flow from operations
The company has been reporting net cash flow outflow from operations since last three years. The
company’s cash flow outflow from operations at the fiscal year end December 2006 was $39 billion.
This was an increase from the cash outflow of $29 billion in 2005. Excluding the issuance of long
term borrowings in 2006, the company would have faced severe cash crunch in 2006. Weak cash
from operations could affect the company’s receivable payments and expansion plans.
Opportunities
Enhancing scope through acquisitions and joint ventures
Merrill Lynch has made some major acquisitions and entered into joint ventures in the last two years.
For instance, the company acquired First Franklin, one of the leading originators of residential
mortgage loans; this acquisition added scale to Merrill Lynch's mortgage platform. First Republic
Bank, a U.S. private banking and wealth management firm focused on high-net-worth individuals
and their businesses, was also acquired. Merrill Lynch also acquired Petrie Parkman & Company,
a leading investment bank specializing in mergers and acquisitions in North American oil and gas
industry. On the wealth management side, the company acquired Equity Methods; the acquisition
increased the financial reporting and forecasting capabilities of the retirement group.
Merrill Lynch entered a joint venture with Mitsubishi Tokyo Financial Group, the Bank of
Tokyo-Mitsubishi, and Mitsubishi Securities Company (together MTFG) to establish a 50:50 private
banking and wealth management joint venture in Japan. The new entity serves high-net-worth
individuals as well as small and mid-size institutions in Japan. These acquisitions and joint ventures
have helped in evolving the company’s product platform and to stay ahead of the marketplace and
clients’ needs.
Merger of Merrill Lynch investment managers segment with BlackRock
The company completed the merger of Merrill Lynch investment managers (MLIM) with BlackRock
in 2006. BlackRock and MLIM complement each other in distribution platforms. MLIM's
industry-leading retail presence in the US and its strong reputation in Europe and Asia match up
with BlackRock's global institutional client base. MLIM has a strong mutual fund platform with 154
mutual funds, globally. Moreover, this merger created an asset management firm with global reach,
$1 trillion in assets under management and a balanced product offering between equity and fixed
income. This merger will expand the combined entity’s geographical reach in the US, the UK, Asia,
Australia, the Middle East and Europe. This merger not only expands the company’s products offering
but also strengthens its market position given the huge asset base.

© Datamonitor
SWOT Analysis
Expansion in Middle East
Merrill Lynch received a banking license from the Capital Markets Authority to operate in Saudi
Arabia, in June 2007. The license will allow the company to offer its clients a full suite of global
markets, investment banking products and wealth management solutions. In January 2007, the
company received a full banking license from the Dubai Financial Services Authority. The company
has already launched the Dubai Investible Index (DII), the first index designed to track stocks listed
on the Dubai International Financial Exchange. In addition, in May 2007, the company launched its
Direct Market Access platform on the Dubai International Financial Exchange (DIFX) and received
membership of the Dubai Mercantile Exchange in June 2007. Such expansion will provide Merill
Lynch with balanced geographic reach and strong presence in developing economies enabling it to
exploit opportunities in emerging markets.
Investment banking
The global investment banking and brokerage industry generated total revenues of $62.2 billion in
2006, representing a compound annual growth rate (CAGR) of 16.7% for the five-year period spanning
2002-2006. In 2011, the global investment banking and brokerage sector is expected to have a
record value of $88.8 billion, an increase of 42.7% since 2006. The compound annual growth rate
of the sector in the period 2006-2011 is likely to be at 7.4%. Mergers and acquisitions, initial public
offerings and private equity deals have been increasing demand for brokerage, advisory and
investment banking services. Give the company’s strong market position and brand name, Merrill
Lynch can see an increase in investment banking fee due to strong growth in mergers, initial public
offerings, debt issues and private equity deals.
Threats
Consolidation in the banking industry
A number of large commercial banks, insurance companies and other broad-based financial services
firms have merged with other financial institutions to diversify their offerings and reduce their
corresponding business risks. This consolidation is even more evident in the US banking industry
where the number of commercial banks has come down to 7,350 at the end of first half of 2007, as
compared to 8,315 banks in 2000 and 12,343 banks in 1990. The top 10 commercial banks in the
US held 49% of the country’s total banking assets as at the end of September 2006 compared to
29% a decade ago. In 2007, Bank of New York acquired Mellon Financial Corporation in a $16.5
billion deal creating a top 10 global asset management group, with $1.1 trillion in invested assets.
Top tier financial institutions like Bank of America, Royal Bank of Scotland, Fortis and Santander
are splitting up ABN Amro, to increase their product range and geographical spread. The company
holds its asset management and investment banking operations in the US and its future profitability
depends upon its ability to retain market share across geographies. Ongoing consolidation is creating
larger rivals with diversified businesses who could take away market share from Merrill Lynch.

© Datamonitor
SWOT Analysis
Increased regulatory pressures for investment banks in the US
The US investment financial sector is facing increasingly intense regulatory pressure. Using lawsuits
as a vehicle, New York State Attorney General Eliot Spitzer has driven some strong reforms in the
US investment banking market. That resulted in significant guidelines which included severing the
link between equity analysts and investment banking executives, and prohibition of investment
banking input into analysts' compensation. These reforms have set a new standard for research and
changed the manner in which research has been conducted and employed.
Studies in the US have concluded that excessive regulation in the US is making it unattractive for
issue of new securities, in particular the Sarbanes-Oxley Act. The regulatory compliance costs of
the companies in the US remain high. Companies spent around $6 billion in 2006, to comply with
the Sarbanes-Oxley law and on an average each company spent $4 million a year to comply with
section 404. The tightening of regulations in the US financial services sector would lead to lower
revenues in the market in addition to the increased compliance cost and regulations on the company.
Legal proceedings
Merrill Lynch and some of its subsidiaries are involved in various legal proceedings in relation to the
business of the company. The company is involved in approximately 110 securities class action
complaints alleging that Merrill Lynch artificially inflated and maintained the stock prices of the
securities by creating an artificially high aftermarket demand for shares. The company has also been
accused in another case for violating antitrust law. Merrill Lynch along with other underwriters has
been alleged of conspiring to fix the fee paid to purchase certain initial public offering securities at
7% in violation of antitrust laws. Again, Merrill Lynch has been accused of engaging in improper
transactions in the fourth quarter of 1999 which helped Enron misrepresent its earnings and revenues
in the fourth quarter of 1999. In January 2007, the company was accused for not adequately disclosing
its terms of bank sweep programs to its customers.
The company was also alleged of discrimination against African Americans in violation of federal
Civil Rights statutes. The company was also named defendant in there different cases for violated
federal antitrust laws on short sales. These cases could result in fines or restrictions on the company.
Moreover, such legal proceedings taint the image of the company and customer’s perception.
Credit crunch
Investments in the sub-prime mortgages and mortgage backed securities are being written off amid
a crisis in the US sub-prime mortgage market. Merrill Lynch reported loss in its third quarter of fiscal
2007 due to the challenging credit environment. The company posted a loss $2.3 billion in the third
quarter of 2007 due to soured bets it made on the mortgage and debt markets. The primary drivers
include write-downs of around $7.9 billion dollars related to distressed debt and mortgage security
holdings. The losses resulted from significant negative mark-to-market adjustments to its positions
in two specific asset classes: collateralized debt obligations (CDOs) and subprime mortgages; and
leveraged finance commitments. Analysts expect larger write downs of up to $11.5 billion in the last

© Datamonitor
SWOT Analysis
quarter of 2007. The longer the credit crunch the more adverse will be the affect on the earnings of
the company.

© Datamonitor
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Merrill Lynch & Co., Inc.
Bank of America Corporation

Citigroup Inc.
Credit Suisse Group
JP Morgan Chase & Co
Lehman Brothers Holdings Inc.
Morgan Stanley
Barclays PLC
Countrywide Financial Corporation
UBS AG
Wachovia Corporation
Washington Mutual, Inc.
Wells Fargo & Company
Bear Stearns Companies Inc., The
Goldman Sachs Group

© Datamonitor
Company View
COMPANY VIEW
A statement by Stanley O’Neal, Ex-Chairman and Ex-Chief Executive Officer of the board of Merrill
Lynch is given below. The statement has been taken from the company’s 2006 annual report.
Revenues, earnings, earnings per share and return on equity all grew strongly as a result of our
continued emphasis on broadening the asset classes and capabilities we offer clients, expanding
our geographic footprint, diversifying our revenues, managing and deploying our capital more
effectively and investing in top talent from within and outside the company.
Our financial results underscore that progress:
Net earnings of $7.5 billion, up 47% from 2005 and 69% from 2004
Earnings per diluted share were $7.59
Net revenues increased 33% to $34.7 billion
Pre-tax profit margin rose to 30.1%
Return on common equity (ROE) increased to 21.3%
Book value per common share increased to $41.35
2006 dividends on common stock increased 32% to $1.00 per share
Each of our geographic regions generated impressive growth and, following what we see as a
long-term trend, we recorded the largest percentage of revenue from non-U.S. business in firm
history.The growth was also broad-based in terms of business mix with strong year-over-year results
reported in Global Markets & Investment Banking and Global Wealth Management, which includes
our Global Private Client and Global Investment Management businesses.
Beyond Financial Performance But to me, our success is about more than just financial performance.
It is also about the company’s strategic progress. We are better positioned than ever to meet the
demands of the marketplace. We’ve accomplished this by continuing to work on two fronts: creating
a set of capabilities that enable our clients to capture opportunities wherever and whenever they
occur; and building a culture that allows us to fully capitalize on those capabilities.
Building Our Capabilities
Perhaps the most significant achievement for the company last year was our successful combination
of Merrill Lynch Investment Managers (MLIM) with BlackRock, Inc. This merger created an asset

© Datamonitor
Company View
management firm with global reach, $1 trillion in assets under management, a healthy balance
between equity and fixed income and an attractive balance of individual and institutional clients.
Importantly, our shareholders maintain a significant investment in the new BlackRock, a company
almost twice the size of MLIM with a powerful growth trajectory.
We also took a number of steps to further round out our capabilities. We acquired First Franklin, one
of the nation’s leading originators of residential mortgage loans, adding scale to our mortgage platform
and providing a robust source of origination for our securitization and trading operations. We acquired
Petrie Parkman & Co., a leading investment bank for the North American oil and gas industry and
a perfect complement to our rapidly growing commodities platform. We reorganized our institutional
fixed income division to better manage risks, improve efficient use of the firm’s balance sheet and
enhance growth prospects, and we continued to expand our private equity activities with several
major investments in leading companies. On the wealth management side, we became fully
operational with our joint venture in Japan, and we acquired a company called Equity Methods,
adding increased financial reporting and forecasting capabilities to our retirement group.
These advancements and others build on all that we’ve done over the last few years the expense
discipline, the repositioning of the business, the investments in people and technology, and more
than 30 acquisitions, joint ventures and other transactions. We are continually evolving our platform
to stay ahead of the marketplace and our clients’ needs.
Strengthening Our Culture
At the same time, we’re working to evolve our culture to ensure that we maximize our value to clients
and shareholders. We have a strong foundation of decency, integrity, dedication, discipline and client
focus. Now, we’re combining that with an overarching commitment to collaborating across the firm.
We need to leverage all the resources we have spanning business, functional and organizational
lines to be more effective at consistently creating value. Investment banking relationships may have
a private equity component or benefit from a structured finance solution. Advisory assignments may
offer financing and hedging opportunities. Our institutional capabilities can create and deliver
investment products for our private clients. The list goes on and on. It is long and it defines our next
set of great opportunities. We’ve made tremendous progress already, and I’m convinced that we
can unleash so much more value from what we’ve built.
A lot of this comes down to leadership. Our senior management team is among the most professionally
and culturally diverse in the industry, and we are working together better than ever before. We
complement each other’s strengths and expertise and are benefiting tremendously from continuity,
which is critical, because all of our achievements are following a steady progression.
In our business, opportunities are defined by market conditions at any given point in time. We add
enormous value, have a great brand, market presence, terrific people and an incredible roster of
clients, but we cannot control market conditions. What we can control and what we’re focused on
is extracting the maximum value possible for the benefit of our clients, shareholders and employees.
We have done a good job but we can do better. That’s good news. There is tremendous upside,
because the environment for the intermediate and long term should continue to be very constructive.

© Datamonitor
Company View
An Extraordinary Time of Global Capitalism
This is an extraordinary time in the financial services industry. We are participating in the confluence
of a number of long-term trends. More and more countries around the world are embracing capitalism
to some degree and participating in the global economy. This is combining with technological
innovation and significant investments in connectivity and software to create a truly global capital
marketplace. Now, different economies, companies and individuals are all competing for, and
contributing to, the world’s resources with more liquidity moving more quickly around the globe than
ever before in history. Not surprisingly, in this environment, Merrill Lynch is doing exceptionally well.
To some extent, we anticipated these developments and have been investing to capture the
opportunities. We find ourselves in a remarkable position at the center of global capitalism the most
powerful force for improving lives and creating wealth that the world has ever known. All of us are
proud of what we do and excited by a future that is literally brimming with opportunity. In 2006, we
demonstrated our true potential for performing at the top of our industry. In 2007, we can achieve
even more. Together, we can and will continue to grow our business, lead this incredible force of
global capitalism and validate the tremendous confidence that you, our shareholders, have placed
in this organization and each of us.

© Datamonitor
Locations and Subsidiaries
LOCATIONS AND SUBSIDIARIES

Head Office
4 World Financial Center
250 Vesey Street
New York City
New York 10080
USA
P:1 212 449 1000
http://www.ml.com
Other Locations and Subsidiaries
Global Markets & Investment Banking Global Private Client

Group Merrill Lynch Representacoes.
Merrill Lynch CIS Limited Faria Lima Financial Center
Moscow Branch Office Av. Brig. Faria Lima 3400
8th Floor 17th Floor
31 Novinsky Boulevard Sao Paulo 04538 132
Moscow 123242 BRA
RUS
Global Private Client Global Private Client

Regional Headquarters for Latin America Citicorp Building
701 Brickell Avenue 153 East 53rd Street
11th Floor 46th Floor
Miami New York 10022
Florida 33131 USA
USA
Global Markets & Investment Banking DSP Merrill Lynch Limited

Group Mafatlal Centre 10th Floor
Merrill Lynch International Incorporated Nariman Point
Rm 3609-11 The Center Mumbai 400 021
No. 989 Chang Le Road IND
Massachusetts 02111
Shanghai 200031
CHN

© Datamonitor
Locations and Subsidiaries
Merrill Lynch International & Co. C.V. Merrill Lynch Bank Suisse SA
Business Center 13 Route de Florissant
6th Floor Geneva 1211
Dubai CHE
ARE
Merrill Lynch International Incorporated Corporate, Global Markets & Investment

Seoul Branch Banking Group, Global Private Client
28/F Seoul Finance Center Merrill Lynch Financial Centre
84,Taepyungro1-ka Chung-ku 2 King Edward Street
Seoul 100 768 London EC1A 1HQ
KOR GBR
Global Markets & Investment Banking Global Markets & Investment Banking
Group Group
Merrill Lynch Canada 138 West Street
1250 Rene Levesque Blvd West Sandown
Suite 3715 Sandton
Montreal QC H3B 4W8 Johannesburg 2120
CAN ZAF
Global Markets & Investment Banking Global Markets & Investment Banking
Group, Global Private Client Group, Global Private Client
Merrill Lynch (Australia) Pty Limited 1 Azrieli Centre
Level 1 37th Floor Round Tower
190 St George's Terrace 132 Petach Tikvah Road
Perth T Aviv 67021
Western Australia 6000 ISR
AUS

© Datamonitor
Latest Company News
LATEST COMPANY NEWS
Theravance announces pricing of convertible notes offering

18 Jan 2008
In addition, Theravance has granted the underwriters a 30-day option to purchase on the same
terms and conditions up to an additional $22.5 million aggregate principal amount of notes to cover
over-allotments. The company intends to use the net proceeds from the offering for general corporate
purposes.
The notes are convertible into shares of the company's common stock at an initial conversion rate
of 38.6548 shares per $1,000 principal amount of the notes, subject to adjustment in certain
circumstances, which represents an initial conversion price of approximately $25.87 per share. Merrill
Lynch & Co. and Goldman, Sachs & Co. are acting as joint book-running managers of the public
offering.
Merrill Lynch appoints new co-chief risk officer

18 Jan 2008
Prior to this, Mr Donohoe was COO and a partner of Dune Capital Management. He will be jointly
responsibile for risk management with Edmond Moriarty, the chief risk officer of the company. Mr
Moriarty will also report to Mr Thain.
Mr Thain said: "I am very pleased that Noel is joining the Merrill Lynch team. Noel's appointment
and the new reporting structure of risk management emphasize the importance of this area to me
and to Merrill Lynch."
Citibank International Personal Bank expands range of fund managers

15 Jan 2008
Citibank International Personal Bank seeks to offer products that are tailored directly to client's needs
and the addition of these new fund management companies gives customers access to a greater
range of products. Credit Suisse has the Russia explorer, Future Energy and Global Prestige funds
and Goldman Sachs Asset Management offers Active Equity, Quantitative Equity, Fixed Income and
Currency Funds.
The bank's investment offering now includes funds from a total of 10 leading fund managers with a
range of funds covering all major asset classes. These include ABN AMRO Asset Management,
BlackRock Merrill Lynch Investment Managers, Schroders, JP Morgan Asset Management, Fidelity
International, Franklin Templeton Investments, Invesco, Legg Mason, and now Credit Suisse and
Goldman Sachs Asset Management.

© Datamonitor
Latest Company News
Grant Carson, head of Citibank International Personal Bank in Europe, Middle East and Africa, said:
"Our team fully understands the international banking and investment market. By adding Credit
Suisse and Goldman Sachs Asset Management to our list of fund management partners, we are
able to provide greater choice of quality products to our customers."
HSBC announces senior appointment in wealth management

08 Jan 2008
Mr Hung is responsible for managing the intermediaries business for Greater China and Korea, with
a particular focus on the expansion of HSBC's franchise and third-party retail distribution channels
in respect of the product capabilities of global markets. He reports to Ken Sue, managing director
and head of wealth management sales, Asia Pacific and will be based in Hong Kong.
Mr Hung has extensive experience in the field of wealth management and structured products. Prior
to his current position, he worked as the director of equity structured solutions at Merrill Lynch, Hong
Kong.
Mr Sue said: "The appointment of Gary Hung demonstrates our dedication to building a leading
platform for our wealth management business in the Asia Pacific region. His expertise will be a
tremendous asset for HSBC and will enhance our ability to deliver value-added solutions and products
to our clients."
AEGON acquires Merrill Lynch life insurance companies

31 Dec 2007
Under the alliance, AEGON's Transamerica companies will continue to supply insurance and
investment products, including offering the flagship Merrill Lynch Investor Choice Annuity product
through the acquired Merrill Lynch subsidiaries. Through its financial advisor network, Merrill Lynch
will continue to serve the insurance needs of its clients through its core distribution and advisory
capabilities.
Pat Baird, president and CEO of AEGON USA, said: "This acquisition provides the framework for a
strong strategic relationship with Merrill Lynch, creating a significant opportunity to grow the sales
of the Merrill Lynch Investor Choice Variable Annuity while jointly building and branding new and
innovative products for our clients."
GE Capital to acquire Merrill Lynch Capital

26 Dec 2007
The acquisition, expected to close in the first quarter of 2008, will add more than $10 billion in assets
and $5 billion in commitments to GE Capital Commercial Finance's base of $260 billion - and adds

© Datamonitor
Latest Company News
to existing businesses GE knows and knows how to operate. GE Capital will buy Merrill Lynch
Capital's corporate finance, equipment finance, franchise, energy and health care finance units.
Mike Neal, vice chairman of GE, said: "These strong units fit perfectly with existing and very successful
GE Capital businesses.They are in industries we know well, so the potential for growth is compelling.
In addition, this timely acquisition will expand our reach, and expand the value we can offer
customers."
John Thain, chairman and CEO of Merrill Lynch, added: "This transaction reflects Merrill Lynch's
continued strategic focus on divesting non-core assets and optimizing capital allocation, while also
enabling the redeployment of approximately $1.3 billion of capital into other parts of our business."
Merrill Lynch to rise up to $6.2 billion from investors

26 Dec 2007
Merrill Lynch expects these transactions to close by mid-January 2008. Temasek Holdings will invest
$4.4 billion in Merrill Lynch common stock and has the option to purchase an additional $600 million
of Merrill Lynch common stock by March 28, 2008. Its ownership position will at all time represent
less than 10% of Merrill Lynch's outstanding common stock.
John Thain, chairman and CEO of Merrill Lynch, said: "One of my first priorities at Merrill Lynch was
to strengthen the firm's balance sheet, and today we have made great progress towards that by
bolstering our capital position through these investments and our announced sale of Merrill Lynch
Capital.
"The benefits of these transactions are not limited to strengthening our financial position. We also
see significant benefits from partnering with Temasek Holdings given its sizeable investments across
Asia, particularly in Singapore, China and India. Their capital investments will enhance Merrill Lynch's
ability to drive new growth opportunities around the world."
Teekay Tankers completes initial public offering

20 Dec 2007
Gross proceeds of the offering were approximately $224.3 million, before deducting underwriting
discounts and commissions and estimated offering expenses.Teekay Tankers used the net proceeds
of the offering to repay indebtedness to Teekay Corporation and to redeem 1,500,000 shares of
class A common stock from Teekay Corporation.
The 11,500,000 shares of class A common stock issued in the offering represent a 46% ownership
interest in Teekay Tankers. Teekay Corporation owns the remaining capital stock, which includes
class A common stock and class B common stock.

© Datamonitor
Latest Company News
Citi and Morgan Stanley acted as joint book-running managers and as representatives of the
underwriters, which include Merrill Lynch, Wachovia Securities, Deutsche Bank Securities, JPMorgan,
Dahlman Rose & Company, Scotia Capital and Johnson Rice & Company.
Assured Guaranty to sell common shares in IPO

18 Dec 2007
Assured also granted to the underwriters of the public offering an option to purchase an additional
1,764,705 common shares at the same price. Banc of America Securities and Merrill Lynch are
acting as joint book-runners of the public offering.
Assured intends to contribute the net proceeds of the offering to its reinsurance subsidiary, Assured
Guaranty Re. Assured Guaranty Re intends to use the proceeds to capitalize on large reinsurance
portfolio opportunities which provide capital relief to unaffiliated mono-line financial guaranty
companies.
Credit Suisse announces management changes for private banking US

17 Dec 2007
The newly created positions are in recognition of the significant growth of Private Banking USA and
replace the regional structure under which the business had operated.
Mr Skoglund has led the central region of private banking division at US since 2006 and had previously
headed the Chicago office since 1991. Mr Simons has joined Credit Suisse in 2006 from Merrill
Lynch where he spent 19 years in increasingly senior positions across the firm. At Credit Suisse,
Mr Simons headed private banking US's Client Solutions Group, comprised of three areas: one bank
delivery, corporate and executive solutions and wealth planning.
Mr Skoglund holds a BA from Northwestern University and a MBA from Washington University. Mr
Simons holds a Bachelors of Arts degree in political science from Duke University.

© Datamonitor

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