A Merrill Lynch Update.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 20, 2001 Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. today released the following: Merrill Lynch (NYSE NYSE See: New York Stock Exchange :MER mer Among the Cheremi and Udmurt peoples of Russia, a sacred grove where people of several villages gathered periodically to hold religious festivals and sacrifice animals to nature gods. ) today announced that James P. Gorman has been appointed president of the firm's U.S. Private Client Group, after serving for more than a year as the number two executive in charge of the nationwide advisory force. In addition, Terry Kassel was named senior vice president of Human Resources. She will also join Merrill Lynch's Executive Management Committee. Commenting on the appointments, David H. Komansky, chairman and chief executive officer, and Stan O'Neal, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , noted "strong management talent and orderly succession have always been hallmarks" of the firm. "With the events of the past week, what was always a benefit has become a bulwark." Merrill Lynch is committing $10 million to support disaster relief efforts for the September 11 tragedies. As part of the commitment, Merrill Lynch will match employee contributions to The September 11th Fund The September 11th Fund was created by the New York Community Trust [1] and the United Way of New York City[2] in response to the destruction of the World Trade Center on 9/11/2001. through a special matching gift program. The September 11th Fund was launched by the United Way of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the New York Community Trust New York Community Trust was founded in 1924 by a group of New York bankers. It is one of the oldest and largest community foundations in the United States with 2006 assets of over $1.9 billion. to provide relief to victims of the attacks in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Washington, D.C., and Pennsylvania. All funds will be used to provide food, shelter and medical services, as well as grief and trauma counseling services, to victims and family members. At a media briefing in New York Wednesday with 57 reporters from around the globe, the Win Smith, chairman of Merrill Lynch International, outlined how Merrill Lynch operated around the world in a seamless manner. He said: "Our FCs contacted their clients soon after the tragic events, preparing them for when the markets would re-open. The primary message was that investors should not make emotional decisions based on events but should take a more measured, long-term view, a view that is in line with their financial plans. Observation, judgment and attention to fundamentals are what is called for at this time. Our clients have been fabulous. We have received good wishes from clients in the Middle East, Asia, Latin America, Japan, Canada and Europe, wanting to know we are safe." Financial advisors at Merrill Lynch made an extensive effort to reach out to clients by telephone, e-mail, and letters in the days immediately following the September 11 disasters. In the three days following the tragedies, financial advisors reached more than one million clients to urge calm and prudent responses. Although equity markets are volatile, mutual fund investors appear to be trying to weather the gyrating markets, according to today's Wall Street Journal. Bob Doll, Global Chief Investment Officer for Merrill Lynch Investment Managers (MLIM MLIM Merrill Lynch Investment Managers (UK) ), said MLIM's Americas regional unit saw new investments into both stock and bond funds earlier this week, though he expected that to level out as the week progressed. The economic implications of last week's events may not be fully visible or understood until the end of next week, he told the Wall Street Journal. |
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