On the same day Lehman Brothers filed for bankruptcy, the Bank of America made a move to acquire the ailing Merrill Lynch, in a move that might make the bank as the new largest bank in the world.
Certainly, it is a day full of chaos, with uncertainties lingering on the world economy.
It is also a great escape for Merrill Lynch, which has been in danger of collapsing in the same manner Lehman Brothers did.
As of June, Bank of America is ranked as the world’s second largest bank by market capitalization behind the newly crowned ICBC (Industrial and Commercial Bank of China) from China. The former giant, Citibank fell from first position to 7th, the worst fall it experienced in decades.