Since last autumn relentless assaults have been made on almost every aspect of Merrill Lynch’s business. Merrill, it was said, had finally fallen victim to overweening pride, and now found itself forced irrevocably towards being subsumed into a commercial bank (Chase Manhattan has long been the favourite candidate). Behind the slide lay a series of mistakes and miscalculations that seemed to affect almost every aspect of the US investment bank’s business.
Merrill’s response was calm. It still talked to the media, still talked to analysts.
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