SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 15, 1996
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Merrill Lynch & Co., Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-7182 13-2740599
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
World Financial Center, North Tower, New York, New York 10281-1332
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 449-1000
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(Former Name or Former Address, if Changed Since Last Report.)
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Item 5. Other Events
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Filed herewith is the Preliminary Unaudited Earnings Summary, as contained in a
press release dated April 15, 1996, for Merrill Lynch & Co., Inc. ("ML & Co.")
for the three-month period ended March 29, 1996. The results of operations set
forth therein for such period are unaudited. All adjustments, consisting only of
normal recurring accruals, that are in the opinion of management necessary for
a fair presentation of the results of operations for the period presented have
been included. The nature of ML & Co.'s business is such that the results for
any interim period are not necessarily indicative of the results for a full
year.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits.
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary for the
three-month period ended March 29, 1996.
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<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MERRILL LYNCH & CO., INC.
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(Registrant)
By: /s/ Joseph T. Willett
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Joseph T. Willett
Senior Vice President
Chief Financial Officer
Date: April 15, 1996
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EXHIBIT INDEX
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Exhibit No. Description Page
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(99) Additional Exhibits
(i) Preliminary Unaudited Earnings Summary
for the three-month period ended March 5
29, 1996.
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<TABLE><CAPTION>
EXHIBIT 99(i)
MERRILL LYNCH & CO., INC.
PRELIMINARY UNAUDITED EARNINGS SUMMARY
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FOR THE THREE MONTHS ENDED
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(IN MILLIONS, PERCENT INC/(DEC)
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EXCEPT PER SHARE AMOUNTS) MAR. 29, DEC. 29, MAR. 31, Q1 96 VS Q1 96 VS
1996 1995 1995 Q4 95 Q1 95
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<S> <C> <C> <C> <C> <C>
REVENUES:
COMMISSIONS $ 989 $ 847 $ 685 17 % 44 %
INTEREST AND DIVIDENDS 3,010 2,892 3,030 4 (1)
PRINCIPAL TRANSACTIONS 982 566 675 73 46
INVESTMENT BANKING 378 370 249 2 52
ASSET MANAGEMENT AND PORTFOLIO
SERVICE FEES 538 494 448 9 20
OTHER 122 124 117 (1) 4
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TOTAL REVENUES 6,019 5,293 5,204 14 16
INTEREST EXPENSE 2,758 2,680 2,783 3 (1)
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NET REVENUES 3,261 2,613 2,421 25 35
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NON-INTEREST EXPENSES:
COMPENSATION AND BENEFITS 1,691 1,299 1,270 30 33
COMMUNICATIONS AND EQUIPMENT RENTAL 131 136 111 (4) 17
OCCUPANCY 116 116 110 - 5
DEPRECIATION AND AMORTIZATION 98 100 86 (2) 14
PROFESSIONAL FEES 130 107 99 22 32
ADVERTISING AND MARKET DEVELOPMENT 114 114 86 1 33
BROKERAGE, CLEARING, AND EXCHANGE FEES 106 94 84 13 27
OTHER 204 165 195 24 4
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TOTAL NON-INTEREST EXPENSES 2,590 2,131 2,041 22 27
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EARNINGS BEFORE INCOME TAXES 671 482 380 39 77
INCOME TAX EXPENSE 262 179 152 46 73
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NET EARNINGS $ 409 $ 303 $ 228 35 % 80 %
======== ========= ========= ============ ===========
PREFERRED STOCK DIVIDENDS $ 11 $ 12 $ 13
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NET EARNINGS APPLICABLE TO COMMON
STOCKHOLDERS $ 398 $ 291 $ 215
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EARNINGS PER COMMON SHARE:
PRIMARY $ 2.03 $ 1.49 $ 1.08
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FULLY DILUTED $ 2.03 $ 1.49 $ 1.08
======== ========= =========
AVERAGE SHARES:
PRIMARY 196.2 195.1 199.2
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FULLY DILUTED 196.2 195.1 199.2
======== ========= =========
</TABLE>
NOTE: PERCENTAGES ARE BASED ON ACTUAL NUMBERS BEFORE ROUNDING.
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