Bank of America is shelling out as much as $20 million to relaunch the Merrill Lynch brand this quarter, according to media reports.

"The bull is back," Sallie Krawcheck, president of Bank of America's global wealth & investment management, was quoted as saying at a media briefing on Monday. Merrill currently has 14,994 brokers, including 181 that joined over the past five weeks, according to the Wall Street Journal.

Reuters reports that Merrill Lynch and Co.'s operations will be called Merrill Lynch Wealth Management and will be one of two primary units at Bank of America's global wealth and investment management division.

Krawcheck was mum on the possibility of her being selected as Ken Lewis' successor. 

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