Merrill Lynch: Reviving its Asian Business
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Code : COM0108
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Region : Asia US
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Introduction:New York-based Merrill Lynch & Co. (Merrill Lynch) is one of the world's leading financial management and advisory companies with offices in 36 countries organized into four geographic regions - Europe, Middle East and Africa (EMEA), Pacific Rim, Canada and Latin America. It has total client assets of $1.6 trillion. Merrill Lynch is a holding company that, through its subsidiaries and affiliates, provides broker-dealer, investment banking, financing,wealth management, advisory, assetmanagement, insurance, lending and related products and services on a global basis. As an investment bank, it is a leading global under writer of debt and equity securities and strategic advisor to corporations, governments, institutions, and individuals world wide. The company operates in three business segments - the global markets and investment-banking group (GMI), global private client (GPC) and Merrill Lynch investment managers (MLIM). For the fiscal year ended December 2004, Merrill Lynch generated revenues of $32,467 million, an increase of 17% over the previous year. The company reported a net income of $4,436 million in 2004, up by 11.2% over the previous year. However, due to the dotcom bubble burst, the September 2001 terrorist attacks and the weakened global economy, Merrill Lynch was forced to streamline its operations. "In spite of its willingness to throw its considerable weight around, Merrill Lynchwas slipping behind its rivalsin one of the world's most promising, and fiercely competitive, investment banking markets. The problems encountered by Merrill Lynch in Asia are common to many global companies, which have ventured into emerging economies. Aonce powerful franchise had been eroded by ever-growing competition and failure to adapt to markets that aremore volatile and fast-changing than their western counterparts." Merrill Lynch, which is looking for more deals in Asia to revive its fortunes, was established as an investment firm in 1914. |
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