Merrill Lynch International Analysis
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International business strategy analysis often centers around traditional, tangible, "products." Such analysis considers the cost of labor in both the source and destination countries as well as the cost of raw materials, import/export restrictions and barriers to trade such as tariffs. In recent years, companies have taken advantage of advances in technology to market not just physical objects, but also services to foreign countries. Financial services in particular have benefited from the technology revolution that occurred in the last quarter of the twentieth century, and today's financial services companies are multinational entities with far-reaching influence. This research considers the international strategy of one such American company, Merrill Lynch, and the challenges that the company faces at the beginning of the new century.Merrill Lynch is a leading diversified securities company with offices in 43 countries and client assets in excess of $1.7 trillion (as of early 2001). The company was the top debt and equity underwriter in the United States in 1999, and ranked third in completed American mergers and acquisitions for the same year. Merrill Lynch held the same positions in the global marketplace for 1999, as well (Parks, 2001). The company was founded in 1915 by Charles Merrill and Edmund Lynch, and quickly established a reputation for financing the emerging chain store industry. Safeway Stores were established by Merrill, bu
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late 1990s. This permits the company to compete effectively with such on-line services such as eTrade (the company's move to a fee-based revenue structure also helps it compete against on-line fee-based companies) (Parks, 2001).
In 1998, Merrill Lynch commanded a 48 percent market share among leading American investment companies (as measured by annual revenues), according to analysts; this compares to a 45 percent market share in 1993 among the largest American firms (as illustrated in the following charts) (Schneider, 2000, p. 29):
International Strategy
Merrill Lynch has actively pursued a global strategy since 1964 when it opened 20 offices overseas. These offices were located primarily in Europe, to take advantage of the emerging Eurobond market, but also include the first American securities office in Japan. International expansion continued throughout the 1960s and 1970s, and the company entered into international banking in 1972 with Brown-Shipley, Limited (based in London). In 1985, the company joined the Tokyo Stock Exchange followed by membership in the London Exchange in 1986. With the addition of London, Merrill Lynch was able to offer 24-hour trading to its customers. In 1991, the company purc
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Approximate Word count = 2045
Approximate Pages = 8 (250 words per page)
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