Merrill Lynch: Reviving its Asian Business
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Code : COM0108
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Region : Asia US
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Merrill Lynch in Asia Merrill Lynch started its operations under the name Charles E.Merrill &Co. Throughout its history the firm took many ground breaking steps and became one of the leaders in its industry. Over the next few decades, the company began to expand world wide, entering London in 1960. Merrill was also the first US brokerage firm to establish a presence in Tokyo, Japan. Since the late 1960s, Merrill Lynch played a significant role in the development of the capital markets in the Asia Pacific region. In line with its quest for expansion and diversification, the company acquired White, Weld &Co, an international investment banking firm, in 1978... Strategies to Revitalise its Asian Fortunes Since the early 21st century, Merrill's Asia-Pacific chairman, RaymundoA. Yu Jr, is overseeing a strategic overhaul and at the same time slashing costs. Between early 2002 and the end of 2003, the company slashed 20% of its 3,000 Asia-Pacific workforce. The company increased its focus on private banking and expanded itsmergers-and-acquisition and corporate-finance businesses beyond China. In 2004, Merrill Lynch had net revenue of $2.3 billion and pre-tax profits of $899 million from Australia, Japan and Asia. The region accounted for 10% of Merrill Lynch's global revenues and more than 15% of its pre-tax earnings.. |
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