The “Thundering Herd” is growing quieter.
Bank of America is downgrading the iconic “Merrill Lynch” name as part of Chief Executive Brian Moynihan’s effort to rebrand the company under a single title.
BofA will remove the Merrill Lynch moniker from its investment banking and trading divisions, and will also drop the “Lynch” part of the name from its private wealth management division, the bank said Monday.
Only Merrill Lynch Wealth Management, the more traditional brokerage unit, will retain the Merrill Lynch title.
The rebranding marks BofA’s biggest step away from the legendary 105-year-old firm known for its “thundering herd” of brokers since the two companies unexpectedly merged in 2009 during the throes of the financial crisis.
BofA wants “growth on a unified basis,” Moynihan said in a statement Monday.
“We are taking these next steps in the way our brand is seen over the coming weeks and months to better reflect this,” he said.
