CHARLOTTE, N.C. (AP) -- Bank of America Corp. said Tuesday that it has completed the merger of its Merrill Lynch & Co. unit into the bank, simplifying its corporate structure and taking over the investment bank's debt obligations five years after having bought the business.
The nation's second-largest bank by assets bought Merrill Lynch at the height of the financial crisis, operating it as a subsidiary since 2009.
Company spokesman Jerry Dubrowski said it the move is part of Bank of America's efforts to simplify its legal complexities.
Bank of America had long kept Merrill's debt, estimated at $60 billion, on its books. Now Bank of America will also be on the hook for the debt, rather than Merrill Lynch.
Merrill Lynch will also no longer file separate financial reports alongside Bank of America.
However, Merrill Lynch will keep its name and clients will not be directly affected following the change.
Shares of Bank of America, based in Charlotte, N.C., increased 10 cents to close at $13.90.
