A popular statistic in the UK is that you are more likely to get a divorce than to change your bank account. It’s probably fictitious, but Merrill Lynch executives must be hoping that there’s some truth to it.
The high-profile battle between the US broker and Eliot Spitzer, the New York State attorney general, has been highly embarrassing. It has called Merrill’s integrity into question and left it with one of the largest ever securities-related fines of $100 million (which is still less than half what the firm spent on stationery last year).
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