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Portrait of Stan O'Neal
Dear Fellow Shareholders and Clients: I am pleased to report that, by virtually any measure Merrill Lynch, completed the most successful year in its history — financially, operationally, and strategically. After several years of restructuring and investing in our business, all of the components came together to reflect a company capable of strong, disciplined performance with tremendous potential for future success.
2003
We emerge from an intensive reengineering of our business. With a strategically sound platform in place, we build on our momentum, investing for growth and creating the capabilities that will take us into the future.
2004
Focusing like never before on the emerging needs of our clients, we quicken our pace of investments to meet those needs — filling gaps, hiring new talent and making bolt-on acquisitions.
2005
Our investments in people, technology and capabilities come together for the benefit of our clients. At the same time, new investments come online, sowing the seeds for continued growth.
2006
All the prior work dovetails with the explosion of activity in the global marketplace for which we've been preparing. We add more value for clients than ever before and, in the process, drive more value for our shareholders with record financial performance and continued progress on our strategic imperatives.
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