MERRILL LYNCH EXHIBIT 99.1

Exhibit 99.1

Merrill Lynch Reports Highest Third Quarter Net Earnings in Company's History;
$1 Billion, or $1.04 Per Diluted Share; Year-to-Date 2003 Earnings Exceed
Full-Year 2002

NEW YORK--(BUSINESS WIRE)--Oct. 14, 2003--Merrill Lynch (NYSE:
MER) today reported net earnings of $1.04 billion for the third
quarter of 2003, up 50% from $693 million in the third quarter of 2002
and slightly higher than the strong 2003 second quarter. These are
Merrill Lynch's highest-ever third quarter earnings and the
second-best quarterly earnings in the company's history. Third quarter
2003 earnings per diluted share were $1.04, compared with $0.73 for
the year-ago period. The third quarter annualized return on average
common equity was 16.5%, up from 12.7% in the prior-year quarter.

Third quarter 2002 and second quarter 2003 results included $115
million after-tax, or $0.12 per diluted share, and $36 million
after-tax, or $0.04 per diluted share, respectively, related primarily
to September 11-related net recoveries. Results for the 2003 third
quarter include a $13 million after-tax, or $0.01 per diluted share,
September 11-related net recovery.


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Third quarter net revenues were $5.1 billion, up 16% from the 2002
third quarter. The third quarter pre-tax profit margin rose to 29.8%,
more than five percentage points higher than the 24.2% reported for
the year-ago quarter.

"Merrill Lynch had another excellent quarter in an environment
that remains challenging," said Stan O'Neal, chairman and chief
executive officer. "We grew earnings substantially from the year-ago
quarter, and even exceeded the very strong results we posted in the
second quarter. This performance demonstrates continued progress
developing a portfolio of businesses that can enhance earnings
consistency by generating diverse revenues from multiple asset
classes, client segments and geographic regions. We continue to invest
in a number of strategic growth initiatives while maintaining a
commitment to disciplined execution."

Net earnings for the first nine months of 2003 were $2.7 billion,
39% higher than the first nine months of 2002, as net revenues
increased 6%, to $15.2 billion. The first nine months' pre-tax margin
of 26.2% in 2003 was more than five percentage points higher than the
20.9% achieved in the 2002 period. Non-compensation expenses were
reduced by $271 million, or 7%, excluding the impact of net recoveries
and research-related expenses. The year-to-date annualized return on
average common equity was 15.2%, up from 12.5% in the prior-year
period.

Business Segment Review:


September 11-Related Net Recovery
- ---------------------------------
The September 11-related net recovery in the third quarter of 2003
included a partial pre-tax insurance recovery of $25 million, offset
by September 11-related costs of $4 million. The insurance recovery
represented a partial business interruption settlement for GMI and was
recorded as a reduction of expenses in that segment. The costs were
booked in the Corporate segment.


Global Markets and Investment Banking (GMI)
- -------------------------------------------
GMI achieved strong year-over-year growth in net revenues and profits,
and a record pre-tax profit margin for the second successive quarter.
GMI demonstrated that it has diversified revenues within and among
asset classes, leveraging extensive client relationships and product
capabilities. Additionally, GMI's scale and distribution advantages
led to increased revenues in equity products as market conditions
improved.


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-- GMI's third quarter pre-tax earnings were $1.0 billion, up 88%
from the year-ago quarter, on net revenues that increased 29%,
to $2.5 billion. Excluding the net recoveries in both periods,
pre-tax earnings doubled from the 2002 third quarter. On the
same basis, the pre-tax margin was 40.1%, over 14 percentage
points higher than the year-ago quarter. GMI's net revenues
and pre-tax earnings declined from second quarter levels, due
primarily to the less robust debt markets environment which
offset improved equity markets revenues.

-- Despite a more challenging interest rate environment, GMI's
debt markets net revenues increased substantially from the
prior-year quarter, with strong growth in credit products,
principal investments and foreign exchange as well as a solid
performance in interest rate trading.

-- Net revenues in GMI's equity business increased from both the
year-ago quarter and the 2003 second quarter, and were the
highest in six quarters. The improvements from the year-ago
and the prior quarters were achieved across all components of
equity trading, origination and financing activities.

-- Merrill Lynch's investment banking net revenues rose strongly
from the year-ago quarter, primarily due to increased equity
and debt origination activity, and were essentially unchanged
from the second quarter.

-- To further the execution of its client-focused growth
strategy, GMI implemented a new organization structure that
combines debt and equity sales and trading capabilities-- and
aligns relationship managers and capital markets professionals
across debt, equity and advisory services. This structure
enhances Merrill Lynch's ability to integrate ideas, products
and capital into innovative, value-added solutions for a wide
range of clients.

-- GMI's year-to-date pre-tax earnings were $2.9 billion, up 60%
from the prior year period, on net revenues that rose 18%, to
$7.8 billion. The year-to-date pre-tax profit margin increased
to 37.4%, nearly ten percentage points higher than the first
nine months of 2002.



Global Private Client (GPC)
- ---------------------------
GPC achieved its highest pre-tax earnings in fourteen quarters and
a record pre-tax margin. This strong performance reflects growth in
client transaction activity, increased demand for fee-based services
and credit products, and continued operating discipline.


-- GPC's third quarter pre-tax earnings of $466 million were 47%
higher than the third quarter of 2002, and up 37% from the
2003 second quarter. Excluding the net recovery in the 2002
third quarter, GPC pre-tax earnings increased 61% from the
prior year. Net revenues increased 11% from the year-ago
quarter and 8% from the 2003 second quarter, to $2.3 billion.
The third quarter pre-tax margin rose to 20.2%, five
percentage points higher than the year-ago quarter. The third
quarter margin exceeds an important financial performance
objective for GPC.


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-- GPC continued to diversify revenues, and fee-based revenues
were higher than in the 2003 second quarter as the result of
improved equity markets. Net inflows into annuitized products
continued at a strong pace at $7 billion during the quarter.
These products are meeting client demand for managed account
and fee-based services, and are well-positioned to deliver
improved revenues, both from new business and asset
appreciation, if equity market values continue to improve.
Total assets in GPC accounts increased 9% from the year-ago
quarter, to $1.2 trillion, of which 17.4% were in asset-priced
accounts.

-- The financial performance of GPC's non-U.S. business continues
to improve. The pre-tax profit margin of this business is now
comparable to that of the U.S. business.

-- GPC increased its recruiting of top quality Financial Advisors
and trainees, adding 75 Financial Advisors in the United
States during the quarter, bringing the global total to
13,400. This is the first quarterly increase in Financial
Advisors for eleven quarters.

-- For the first nine months of 2003, GPC's pre-tax earnings were
$1.1 billion, up 15% from the year-ago period, on net revenues
that declined 2%, to $6.5 billion. Despite the revenue
decline, GPC's year-to-date pre-tax profit margin improved to
16.4%, up from 14.0% reported for the first nine months of
2002, due to a $254 million, or 4%, reduction in non-interest
expenses.




Merrill Lynch Investment Managers (MLIM)
- ----------------------------------------
MLIM reported its first sequential quarter increase in net revenues in
over two years, and solid pre-tax earnings growth. Leveraging strong
investment performance to grow distribution is central to MLIM's
operating philosophy.


-- MLIM's pre-tax earnings for the third quarter were $77
million, up 15% from the year-ago quarter. Net revenues
declined 2%, to $352 million, but increased 7% from the 2003
second quarter. Non-interest expenses were reduced from the
prior year quarter, enabling MLIM to increase its pre-tax
margin by over three percentage points, to 21.9%. That pre-tax
margin is also nearly two percentage points higher than the
second quarter.

-- MLIM funds continued to demonstrate superior relative
investment performance. For the 1-, 3- and 5-year periods
ended August 2003, more than 70% of MLIM's global assets under
management were ahead of their benchmark or category median.

-- Market appreciation and positive currency movements resulted
in a net increase in MLIM assets under management of $21
billion, or 5%, to $473 billion, from the year-ago quarter.

-- MLIM's year-to-date pre-tax earnings were $189 million, down
30% from the prior-year period, on net revenues that declined
16%, to $1.0 billion. The year-to-date pre-tax profit margin
was 18.5%, compared to 22.2% for the first nine months of
2002. The 2002 results included a pre-tax gain of $17 million
on the sale of MLIM's Canadian asset management business.


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Third Quarter Income Statement Review:

Revenues
- -------


Net revenues were $5.1 billion, 16% higher than the 2002 third
quarter.

Asset management and portfolio service fees were $1.2 billion,
down 3% from the third quarter of 2002 but up 3% from the 2003 second
quarter. These variances are due primarily to changes in portfolio
servicing fees, a large portion of which are calculated on
beginning-of-period asset values.

Commission revenues were $1.1 billion, up 7% from the 2003 second
quarter and essentially unchanged from the year-ago period. The
increase from the second quarter is due primarily to increased mutual
fund and equity commissions.

Principal transactions revenues increased 87% from the 2002 third
quarter, to $705 million, due primarily to increased debt and equity
markets trading revenues. Principal transactions and net interest
revenues in GMI are closely related and need to be analyzed in
aggregate to understand the changes in net trading revenues.

Net interest profit was $1.1 billion, up 9% from the 2002 third
quarter, due to a more favorable yield curve environment.

Underwriting revenues were $545 million, 66% higher than the 2002
third quarter, due primarily to increased equity underwriting
revenues. Strategic advisory revenues of $133 million declined 18%
from the 2002 third quarter due to reduced activity levels.

Other revenues were $300 million, up $135 million from the 2002
third quarter due to increased revenues from investments and sales of
mortgages.



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Expenses
- --------


Compensation and benefits expenses were 47.2% of net revenues for
the third quarter of 2003, compared to 51.1% in the year-ago quarter
and 50.3% in the 2003 second quarter. Compensation and benefits
expenses were $2.4 billion, a 7% increase from the 2002 third quarter,
due primarily to higher incentive compensation accruals related to
increased revenues. Year-to-date, compensation and benefits expenses
were 49.7% of net revenues, down from 51.7% in the first nine months
of 2002.

Excluding the impact of the net recoveries related to September 11
and the 2002 restructuring credit, non-compensation expenses declined
7%, or $88 million, from the 2002 third quarter to $1.2 billion.

Details of the significant changes in non-compensation expenses
from the 2002 third quarter are as follows:

-- communications and technology costs were $352 million, down
16%, due primarily to reduced communications costs and lower
technology equipment depreciation and rental costs;

-- advertising and market development expenses were $89 million,
down 29%, due primarily to lower advertising and sales
promotion expenses;

-- office supplies and postage decreased 26%, to $46 million, due
to efficiency initiatives; and,

-- the net recovery related to September 11 in the current
quarter includes a partial pre-tax insurance recovery of $25
million, offset by September 11-related costs of $4 million.

Merrill Lynch's year-to-date effective tax rate was 27.7%.



Staffing
- --------

Merrill Lynch's full-time employees totaled 47,800 at the end of
the third quarter, a decline of 400 during the quarter.


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Ahmass Fakahany, executive vice president and chief financial
officer, will host a conference call today at 10:30 a.m. EDT to
discuss the company's third quarter 2003 results. The conference call
can be accessed via a live audio webcast available through the
Investor Relations website at www.ir.ml.com or by dialing (888)
810-0245 (U.S. callers) or (706) 634-0180 (non-U.S. callers).
On-demand replay of the webcast will be available from approximately
1:00 p.m. EDT today at the same web address.

Merrill Lynch is one of the world's leading financial management
and advisory companies with offices in 36 countries and total client
assets of approximately $1.4 trillion. As an investment bank, it is a
leading global underwriter of debt and equity securities and strategic
advisor to corporations, governments, institutions, and individuals
worldwide. Through Merrill Lynch Investment Managers, the company is
one of the world's largest managers of financial assets, with assets
under management of $473 billion. For more information on Merrill
Lynch, please visit www.ml.com.

Merrill Lynch may make or publish forward-looking statements about
management expectations, strategic objectives, business prospects,
anticipated expense savings and financial results, anticipated results
of litigation and regulatory proceedings, and other similar matters. A
variety of factors, many of which are beyond Merrill Lynch's control,
affect the operations, performance, business strategy and results of
Merrill Lynch and could cause actual results and experiences to differ
materially from the expectations and objectives expressed in these
statements. These factors include, but are not limited to, financial
market volatility, actions and initiatives by current and potential
competitors, the effect of current and future legislation or
regulation, and certain other additional factors described in Merrill
Lynch's 2002 Annual Report on Form 10-K and subsequent reports on Form
10-Q and Form 8-K, which are available on the Merrill Lynch Investor
Relations website at www.ir.ml.com and at the SEC's website,
www.sec.gov.


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Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which
they are made. Merrill Lynch does not undertake to update such
statements to reflect the impact of circumstances or events that arise
after the date these statements were made. Readers should, however,
consult any further disclosures Merrill Lynch may make in its reports
filed with the SEC.

CONTACT: Merrill Lynch & Co., Inc., New York
Media Relations:
Timothy Cobb, 212-449-9205
timothy_cobb@ml.com
Investor Relations:
Tina Madon, 866-607-1234
investor_relations@ml.com
Fax: 212-449-7461
www.ir.ml.com


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