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Bank of America has agreed to purchase Merrill Lynch for around $US44 billion ($A53.4 billion) The Wall Street Journal reported today.
The news follows Bank of America’s abandonment of its bid for troubled Lehman Brothers earlier today.
Bank of America is one of the United States’ biggest banks, while Merrill Lynch is the world's largest brokerage and a well-recognised investment bank. Although Merrill has been hit by more than $US40 billion ($A48.5 billion) in write-downs their amalgamation is expected to create an international banking giant.
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