Merrill abandons web. (Not Bullish).(Merrill Lynch and Company Inc. pulls out of online banking joint venture)(Brief Article)

Research, July, 2002

MERRILL LYNCH is no longer bullish on the Internet, at least when it comes to banking.

The brokerage firm recently confirmed months of speculation by walking away from its once-hyped online banking operation, a joint venture with London-based financial giant HSBC.

Merrill made the decision to pull out as part of its sweeping strategic overhaul, which has seen it tighten its belt or retreat outright from several overseas markets.

Under the terms of the separation, the venture will remain co-branded as "Merrrill Lynch HSBC," but HSBC will now shoulder all the responsibility of operating it -- and enjoy any profits that it may generate.

For its part, HSBC blames the venture's slow start on "a difficult trading environment" caused...

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