Merrill Lynch Base Case

By Larry Barrett  |  Posted 2003-08-01 Print this article Print

Merrill Lynch is investing up to $1 billion so it can reel in wealthier investors. Has it gone overboard?

Merrill Lynch Base Case

Headquarters: 4 World Financial Center, New York, NY 10080

Phone: (212) 449-1000

Business: Financial services for private, institutional and government clients including mutual fund, insurance, annuity, trust and clearing services as well as traditional investment banking and brokerage services.

Chief Technology Officer, Private Client Group: Byron Vielehr

Financials in 2002: Net income of $2.5 billion on net sales of $18.6 billion.

Challenge: Replace aging wealth-management workstations used by more than 25,000 financial advisers worldwide.


  • Grow total assets under management from $462 billion (2002) past the $529 billion* average of past five years.

  • Grow company net income to $3.9 billion by 2004 from $2.5 billion in fiscal 2002.

  • Reduce information systems spending from $950 million in 2002 to $800 million in 2003.

    *Baseline estimate

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    Senior Writer
    Larry, of San Carlos, Calif., was a senior writer and editor at CNet, writing analysis, breaking news and opinion stories. He was technology reporter at the San Jose Business Journal from 1996-1997. He graduated with a B.A. from San Jose State University where he was also executive editor of the daily student newspaper.

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