Amid the current layoffs and cutbacks on Wall Street, America's largest stockbroking firm can breathe a sigh of relief. Two years ago, Merrill Lynch was widely tipped to be the biggest casualty in the securities industry from the Internet's disruptive impact. But since then, the firm has not only prevailed over many newer competitors built around technology; it has also adopted some of their most useful attributes-something that several traditional rivals have failed, at great cost, to do.
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