Charlie Ditkoff has held responsibilities with New York City’s Bank of America Merrill Lynch (BAML) since 1999, initially serving as Managing Director of Bank of America’s Global Corporate and Investment Banking (GCIB) division and, since 2003, as Vice Chairman of the division.
Established in 2008 when Bank of America purchased Merrill Lynch, BAML stands as Bank of America Corporation’s (BofA) corporate and investment banking division. The 2008 $50 billion all-stock transaction represented a strategic decision by Charlotte-based BofA to expand its global financial services presence.
Events related to the financial crisis of 2008 made it particularly opportune for BofA to acquire the world’s largest and most preeminent brokerage and wealth management service. With little overlap between the two firms, BofA gained ready access to retail brokerage services that fit the needs of its large existing customer base. While BofA had previously resisted government efforts to engineer a takeover of Lehman Brothers, Merrill Lynch provided an attractive proposition due to the overall strength of its financial position.
The BAML merger combined talent and expertise from both corporate entities, including Banc of America Securities management staff. With a focus on healthcare services coverage, Charlie Ditkoff had enjoyed notable success in strategically positioning Banc of America Securities as a market leader in the areas of financings, and mergers and acquisitions. The Bank of America Merrill Lynch merger was officially completed on January 1, 2009, with the division reporting substantial profits of over $700 million by the fourth quarter of 2010.