đến gần 31 triệu. Danh mục đầu tư trung bình của họ là ít hơn $ và họ đại diện cho khoảng 79% doanh thu của NYSE, giảm đến 65% như các quỹ tương hỗ đã trở thành phổ biến trong các Vào giữa những năm 1970, Merrill Lynch đã đạt được vị trí hàng đầu trên phố Wall, một vị trí của nó không bao giờ từ bỏ. | THE LAST PARTNERSHIPS to almost 31 million. Their average portfolio was less than 25 000 and they represented about 79 percent of NYSE turnover falling to 65 percent as mutual funds became more popular in the By the mid-1970s Merrill Lynch had achieved the top spot on Wall Street a position it never relinquished. Capital exceeded 500 million several times that of second-place Salomon Brothers and it stood atop the league tables of underwriting for both lead manager positions and participations. The firm had 250 offices more than half a million accounts and 20 000 employees far more in all three categories than anyone else on the Street. As a testimony to the popularity and financial strength of retail brokers turned investment bankers the other top capital positions were occupied by Bache Co. E. F. Hutton and Dean Witter. The addition of Fenner Beane years before helped Merrill Lynch become prominent in the new derivatives markets that appeared in the early and mid 1970s. Trading in listed options contracts was introduced after the oil crisis in 1973 and trading in commodities futures contracts also increased markedly. The firm s expertise in this sort of contract trading helped it substantially when stock market commissions began to decline with the poor market at the same time. And it also provided something of a buffer when the NYSE introduced negotiated commissions in 1975 putting further pressure on traditional commission revenues which previously had been Donald Regan eventually spoke out in favor of the new structure recognizing the handwriting on the wall. The simple blueprint that Charles Merrill established years before was well suited for For years Merrill Lynch was familiar to investors and television viewers for two reasons. The first was the nickname The Thundering Herd and the second was the slogan Merrill Lynch Is Bullish on America. The second showed stampeding bulls an idea evoked by the nickname. The original nickname had .
