Bank of America purchased Merrill Lynch

Around the same time, Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America the largest financial services company in the world. Shareholders of both companies (Bank of America and Merrill Lynch) approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.