GOLD AWARD WINNER

Merrill Lynch

In 2003, when it came to Merrill Lynch & Co.'s banking operations, supply and demand always seemed to be at odds. First, there was Merrill Lynch Bank & Trust (B&T), a "nonbank bank" started de novo in 1984, which had a surplus of deposits but limited asset powers. And then there was Merrill Lynch Bank USA (USA), a Utah industrial loan bank acquired several years later, with robust asset powers but a relatively weak retail deposit base against which to lend.

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