Merrill scotches talk of retail bank merger.

Financial News, October, 2003

Merrill Lynch is looking to boost the share of its profits from retail businesses but has no plans to buy a consumer bank, Stan O'Neal, chairman and chief executive, said on Wednesday.In an interview with the Financial Times, O'Neal confounded market speculation that Merrill was looking for a merger with a big commercial bank. He said although Merrill would look at bolt-on acquisitions in some areas, it was not looking for a 'transformational' deal.

O'Neal said the group would accelerate hiring financial advisers in the US in an attempt to ensure that half the group's profits were generated by retail-oriented businesses in its wealth-management operations.