January 10, 2019 . In September 2008, Bank of America made just about every headline in the world when it announced that it would be buying New York-based investment bank Merrill Lynch. Stock Symbol: BAC “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. A study released June 13 by the Satellite Industry Association, prepared by Bryce Space and Technology, found that the global space economy in 2017 was $348 billion, an increase of only about one percent from 2016. Enter the email address associated with your account, and we will email you instructions for re-setting your password. Visit our Resources page now », "Relatively new to some European countries". In early 2011, Moynihan announced that, unlike the strategy enacted under previous management, BofA would not be making any acquisitions in the near future. “I’m a little more skeptical on that.”, Nagaraj said he saw more potential for growth from companies that incorporated data and other services from space systems into their own applications. In Europe, BofA operates in 32 cities in 23 countries and employs 14,000 people. “There’s something like 1,200 satellites. ", 2 King Edward Street Bank of America Merrill Lynch sees the space industry growing to $2.7 trillion in 30 years. 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A third study by Bank of America Merrill Lynch was the most optimistic, seeing the market growing to $2.7 trillion by the same timeframe. “When you look at those existing numbers, it’s almost entirely two things: government and communications,” said Greg Autry, an assistant professor at the University of Southern California’s Marshall School of Business. That is the similar to growth rates reported in 2015 and 2016, but far below the growth seen in much of the previous decade, including double-digit growth as recently as 2013. 3. "We aren't buying a European bank," he said. Phone: +44 20 7174 4000, Employer Type: Public “I don’t know that you get to a trillion-dollar market if there’s not an inflection point,” he said. “I’m confident that it’s there, but I think the most important thing we need to do is not try too much to define the roadmap. “I think it will be surprising driver. I have a lot of confidence in companies like Axiom [Space] and Bigelow [Aerospace] to actually fill those space stations.”, Others thing future growth will come from “downstream” applications, rather than space systems themselves. Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a registered broker-dealer and Member Securities Investor Protection Corporation , and other subsidiaries of Bank of America Corporation (BofA Corp.). January 9, 2020 . “More easy-to-understand, down-to-Earth applications of space is actually what’s going to drive this, in my opinion, versus pushing more satellites.”. Those numbers, while seemingly large, reflect only modest annual growth rates. "I couldn't think of anything less interesting. A third study by Bank of America Merrill Lynch was the most optimistic, seeing the market growing to $2.7 trillion by the same timeframe. Founded and led by Vago Muradian, Defense & Aerospace Report covers the government, military and aerospace leaders, lawmakers, industry executives and analysts that shape national security and aerospace decision-making worldwide. Chairman & CEO: Brian T. Moynihan PODCASTS. Autry argued that achieving that trillion-dollar goal required fundamental changes to the forces driving the economy. 2. When the deal closed in early 2009, it made BofA the biggest U.S. bank in terms of assets, with more than US$2 trillion. Monday Business Report. Welcome to the Defense and Aerospace Business Report, our new weekly podcast on the global…. Company profiles include full reviews and ratings of industry reputation, quality of life, salary, career advancement and diversity. The company has business relationships with 99 percent of the U.S. Fortune 500 and 95 percent of the Global Fortune 500. London EC1A The bank is led by BofA Chairman and CEO Brian Moynihan, who took the company reins from former CEO Kenneth Lewis in late 2009. A separate study by Morgan Stanley projected a “most likely outcome” of a $1.1 trillion space economy in the 2040s. Key Growth Drivers. Thousands of ratings and reviews from the people that matter most — the employees, students and interns themselves. CEO & President. Does it get to a trillion dollars by tripling that?” asked Sunil Nagaraj, managing partner at Ubiquity Ventures. “I think we haven’t seen yet what that app is on the NewSpace side,” he said. Worldwide, BofA employs approximately 233,000 people. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed … It also made the combined firm the largest brokerage firm in the world, with about 16,000 financial advisors; one of the leading investment banking advisory firms, with significant operations in M&A advisory as well as debt and equity underwriting; and one of the world's top wealth management firms, with Merrill Lynch's nearly 50 percent stake in U.S.-based investment management company BlackRock.Headquartered in lower Manhattan, Merrill Lynch had two main business segments when it came into the BofA fold: global markets and investment banking (with subunits of sales and trading; fixed income, currencies, and commodities; equities; and investment banking), and global wealth management (which included global investment management and global private clients). However, the space industry has been growing at a much slower clip recently. A panel session June 26 at the Space Frontier Foundation’s NewSpace 2018 conference here noted that several reports in the last year by investment banks predicted that the global space economy, currently valued at about $350 billion, could grow to $1 trillion or more in the 2040s. The Morgan Stanley study, he noted, projected an annual growth rate of seven percent, in line with growth in the recent past.
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