Merrill Lynch Reorganizing Into 4 Groups

Merrill Lynch & Co. said it is reorganizing into four business groups to boost sales of stocks and bonds and offer more financial advice worldwide. As of April 15, the biggest U.S. securities firm will have four units: a corporate and institutional client group, an asset management group, an international client group and a U.S. private client group. Previously, New York-based Merrill had two business groups, one that served individual investors and another that worked with firms and institutional investors. Merrill made the changes soon after promoting Herbert Allison to president and chief operating officer, a post he will assume in April. Allison previously ran the corporate and institutional group.