Last week Bank of America yesterday outlined plans to build investment banking over the next two to three years through expanding in equities, equity capital markets and mergers and acquisition, ambitions which can be accelerated through its purchase of Merrill Lynch.

The Wall Street Journal reported late yesterday that Merrill Lynch agreed itself to Bank of America for roughly $44bn (€30.8bn). Greg Fleming, president and chief operating officer of Merrill Lynch, will be president of the combined bank's corporate and investment bank according to the New York Times.