STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

EXHIBIT 11


MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF PER COMMON SHARE EARNINGS
(In Millions, Except Per Share Amounts)


FOR THE THREE MONTHS
ENDED
-----------------------
MARCH 27, MARCH 28,
1998 1997
------- -------
EARNINGS
Net earnings ................................. $ 518 $ 466
Preferred stock dividends .................... (9) (11)
------- -------
Net earnings applicable to common stockholders $ 509 $ 455
======= =======


WEIGHTED-AVERAGE SHARES OUTSTANDING .......... 340.6 331.2
------- -------
EFFECT OF DILUTIVE INSTRUMENTS
Employee stock options ..................... 28.9 30.8
FCCAAP shares .............................. 16.8 22.2
Restricted units ........................... 4.5 5.3
ESPP shares ................................ 0.1 0.1
------- -------
DILUTIVE POTENTIAL COMMON SHARES ............. 50.3 58.4
------- -------

TOTAL WEIGHTED-AVERAGE DILUTED SHARES ........ 390.9 389.6
======= =======

BASIC EARNINGS PER SHARE ..................... $ 1.49 $ 1.37
======= =======

DILUTED EARNINGS PER SHARE ................... $ 1.30 $ 1.17
======= =======

Note: Share and per share amounts for the 1997 first quarter have been restated
for the two-for-one common stock split, effected in the form of a 100%
stock dividend, paid on May 30, 1997.