EXHIBIT 99.1 PRESS RELEASE

Exhibit 99.1

Merrill Lynch Reports Record Full Year 2004 Results;

Net Earnings of $4.4 Billion; $4.38 Per Diluted Share;
Pre-Tax Profit Margin of 26.5%

Fourth Quarter Earnings of $1.2 Billion, $1.19 Per Share
as Quarterly Net Revenues Increase 21% to $5.9 Billion

NEW YORK--(BUSINESS WIRE)--Jan. 25, 2005--Merrill Lynch (NYSE:MER) today
reported net earnings for 2004 of $4.4 billion, the highest the firm has ever
reported, up 16% from $3.8 billion in 2003. Earnings per diluted share were
$4.38, a 13% increase over $3.87 per share for the prior year. Net revenues were
$22.0 billion, up 11% from the $19.9 billion the firm generated in 2003 and the
highest the firm has generated since its peak revenue year in 2000. The 2004
pre-tax profit margin was also a record at 26.5%, and the 2004 return on average
common equity was 14.9%. All three of the firm's business segments contributed
to these results, each generating higher net revenues and pre-tax earnings in
2004 than in 2003.

Net revenues in the fourth quarter of 2004 were $5.9 billion, up 21% from
the fourth quarter of 2003 and up 22% from the third quarter of 2004. Net
earnings for the fourth quarter of 2004 were $1.2 billion, 2% lower than the
year-ago period, but up 29% from the 2004 third quarter, as every business
segment generated higher revenues than in the prior quarter. Fourth quarter 2004
earnings per diluted share were $1.19; the pre-tax profit margin was 26.4%; and
the annualized return on equity was 15.7%.


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"We are very pleased with the company's financial and operating performance
for the year and for the quarter," said Merrill Lynch chairman and chief
executive officer Stan O'Neal. "Strong results in the fourth quarter contributed
to a record earnings year for Merrill Lynch. But even more importantly, each of
our three major businesses turned in an impressive performance, delivering
strong results and making great progress toward enhancing their ability to grow.

"We took a number of strategic steps to strengthen our institutional,
private client and investment management businesses," Mr. O'Neal continued. "In
Global Markets and Investment Banking, our initiatives to better position our
equity markets franchise, broaden our footprint in commodities and capitalize on
strong client relationships in investment banking resulted in both strong
performance and a better competitive position. In Global Private Client, we grew
the ranks of financial advisors considerably and had solid net inflows into
annuitized products. And in Merrill Lynch Investment Managers, we improved
profitability and continued strong investment performance. Overall, despite
market conditions throughout the year that were quite volatile, we finished 2004
well positioned to continue to reward shareholders in the future."


Business Segment Review:

Global Markets and Investment Banking (GMI)
- -------------------------------------------

GMI capitalized on its more diversified portfolio of revenue sources and
strong client relationships to generate increased revenue and pre-tax earnings
growth in 2004, despite an environment where economic and geopolitical
uncertainty affected the markets to varying degrees throughout the year. Both
Global Markets and Investment Banking significantly increased net revenues over
2003.

-- For the full year 2004, GMI's net revenues rose 10%, to $11.0 billion,
and pre-tax earnings were $3.9 billion. Global Markets net revenues
were up 5% from 2003, while Investment Banking revenues increased 30%.
The pre-tax profit margin was 35.1%, compared with 37.8% for 2003, or
36.4% excluding September 11-related recoveries (see Attachment III
for details).

-- GMI's fourth quarter 2004 pre-tax earnings were $1.0 billion, up 28%
from the 2004 third quarter. The increased pre-tax earnings were
driven by net revenues that increased 32% from both the year-ago and
2004 third quarters, to $2.9 billion. The fourth quarter 2004 pre-tax
profit margin was 33.6%.



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-- Global Markets' 2004 fourth quarter net revenues increased 31% from
the 2003 fourth quarter and 25% from the 2004 third quarter, driven by
increased sales and trading revenues in both debt and equity markets.
Compared with the prior-year period, debt markets net revenues
increased, largely from credit products, principal investments and the
newly acquired commodities trading business. Equity markets net
revenues increased 46% from the 2003 fourth quarter and 30% from the
2004 third quarter. The increase from the prior-year quarter was
driven by every major product area, with cash secondary trading and
equity financing and services generating the strongest increases.

-- 2004 fourth quarter net revenues in Investment Banking were up 34%
from the year-ago quarter and 52% sequentially. All three major
product areas drove the increases. Compared with the 2003 fourth
quarter, merger and acquisition advisory revenues increased 55%, debt
origination revenues grew 34% and equity origination revenues were up
21%.


Global Private Client (GPC)
- ---------------------------

GPC generated record pre-tax earnings and profit margins in 2004 as the
business continued to demonstrate the benefits of its focus on revenue
diversification, asset annuitization and growth in Financial Advisors (FAs) in a
year with uncertain market conditions. GPC achieved its goal to increase the
number of FAs by 5%.

-- For the 2004 full year, GPC generated pre-tax earnings of $1.9
billion, up 23% from 2003. The 2004 pre-tax profit margin was a record
19.1%, up nearly two percentage points from 2003, driven by increased
revenues and continued expense discipline. Net revenues for 2004 grew
11% year-on-year, to $9.8 billion.

-- For the fourth quarter of 2004, GPC generated record pre-tax earnings
of $519 million, up 3% from the prior-year period and 26% from the
third quarter of 2004. Net revenues were $2.6 billion, up 12% from the
2003 fourth quarter and 13% sequentially. Compared with the 2003
fourth quarter, higher asset values and annuitized asset flows
resulted in a 15% increase in fee-based revenues. Transactional and
origination revenues increased 11% with more active markets. The
fourth quarter 2004 pre-tax profit margin was 19.8%.

-- For the full year 2004, total FA headcount increased by 620, to
approximately 14,100 globally. FA turnover, including top producers,
remained at low levels.

-- Total assets in GPC accounts grew to $1.4 trillion. Net inflows into
annuitized products were $7 billion during the quarter, bringing the
year-to-date total to $36 billion, the highest annual total since GPC
began tracking these flows. Total net new money for GPC in 2004 was
$24 billion, up significantly from 2003.

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-- In the fourth quarter of 2004, Merrill Lynch changed its method of
accounting to recognize certain retail account fees over the contract
period instead of when the fees were received, and prior period
results have been restated to reflect this change. This change was not
material in any period presented, and this restatement resulted in a
cumulative decrease to stockholders' equity of $65 million, or 0.2%.


Merrill Lynch Investment Managers (MLIM)
- ----------------------------------------

MLIM continued to generate strong investment performance while focusing on
broadening the distribution of its products and maintaining operating
discipline, leading to strong revenue and earnings growth and significantly
improved profitability in 2004.

-- For the full year 2004, MLIM's pre-tax earnings were $460 million, up
77% from 2003, on net revenues that grew 16%, to $1.6 billion. The
pre-tax profit margin for 2004 increased 10 percentage points from
2003 to 29.1%.

-- MLIM's fourth quarter 2004 pre-tax earnings were $130 million, 37%
higher than the fourth quarter of 2003 and up 17% from the 2004 third
quarter. Net revenues increased 14% from both the year-ago period and
sequentially, to $426 million, driven primarily by increased average
asset values as well as positive currency translation. The pre-tax
profit margin for the fourth quarter of 2004 was 30.5%, up 5.2
percentage points from 25.3% in the year-ago period and up slightly
from the 2004 third quarter.

-- MLIM's relative investment performance continues to exceed management
targets. More than 70% of global assets under management were ahead of
their respective benchmarks or medians for the one-, three- and
five-year periods ended in November 2004.

-- Third party retail mutual fund sales in Europe and Asia continue to be
a strong area of growth for MLIM. Revenues from these products grew
substantially during 2004 and surpassed revenues from institutional
products in those regions for the first time during the fourth
quarter. MLIM also launched its joint venture in China during 2004.

-- Firmwide, assets under management totaled $501 billion at the end of
the fourth quarter of 2004, essentially unchanged from the end of
2003. Compared with the end of 2003, increased asset values and
positive currency translation were offset by net outflows, primarily
in liquidity products, driven by rising short-term interest rates
during the year.


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Prior Year September 11-Related Net Recoveries
- ----------------------------------------------

The September 11-related net recovery in the fourth quarter of 2003
included a final pre-tax insurance recovery of $85 million, partially offset by
September 11-related costs of $20 million. The insurance recovery represented a
partial business interruption settlement for GMI and GPC and was recorded as a
reduction of expenses in those segments. The costs were recorded in GPC and the
Corporate segment. Net Restructuring and other charges of $20 million were also
recorded in the fourth quarter of 2003, which were distributed across all three
business segments.

Full-year 2003 results included a total of $147 million of pre-tax
September 11-related net insurance recoveries recorded in GMI and GPC, and the
aforementioned $20 million of pre-tax expense associated with restructuring
charges. Net of tax, these items increased net income by a total of $94 million.


Compensation Expenses
- ---------------------

The full-year 2004 ratio of compensation and benefits expenses to net
revenues declined to 48.1% from 49.4% in 2003. Fourth quarter 2004 compensation
expenses were $2.7 billion, or 45.7% of net revenues, compared to 42.3% in the
year-ago quarter.


Non-Compensation Expenses
- -------------------------

Overall, non-compensation expenses were $1.6 billion in the fourth quarter
of 2004. Excluding the impact of the net recovery related to September 11 and
restructuring costs in 2003, non-compensation expenses were up $362 million from
the 2003 fourth quarter, due principally to consolidation of firm investments,
litigation costs, and some increases due to higher activity levels.

Details of the significant changes in non-compensation expenses from the
fourth quarter of 2003 are as follows:

-- expenses of consolidated firm investments totaled $103 million, up
91%, reflecting the impact of entities consolidated during 2004;

-- communications and technology costs were $400 million, up 16% due
primarily to higher systems consulting, market information charges and
telecom expenses;

-- occupancy and related depreciation expenses increased 12%, to $255
million, due principally to office space write-offs and higher
building maintenance fees;

-- brokerage, clearing, and exchange fees were $208 million, up 16% due
in part to the acquisition of a clearing business;

-- professional fees increased 34%, to $203 million, due principally to
higher legal, employment service, and other professional fees;

-- advertising and market development expenses were $152 million, up 43%
due primarily to increased advertising, promotional and travel costs;
and

-- other expenses were $271 million, up $72 million, primarily reflecting
higher litigation provisions.


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Income Taxes
- ------------

Merrill Lynch's full-year effective tax rate was 24.0% reflecting the mix
of U.S. and foreign-sourced income, tax settlements and the reversal of the
Japanese valuation allowance.


Staffing
- --------

Merrill Lynch's full-time employees totaled 50,600 at the end of the fourth
quarter of 2004, a net increase of 700 during the quarter. This increase
primarily reflects acquisitions in GMI.


Stock Repurchase Plan
- ---------------------

As part of its active management of equity capital, Merrill Lynch
repurchased 6.3 million shares of its common stock during the fourth quarter at
an average price of $55.55 per share. Through the end of the fourth quarter,
Merrill Lynch repurchased a cumulative total of 54.0 million shares at an
average price of $54.94, completing the $2 billion repurchase authorized in
February 2004 and utilizing $968 million of the additional $2 billion repurchase
authorized in July 2004.


2005 Fiscal Calendar
- --------------------

Merrill Lynch's fiscal quarters in 2005 will end on the following dates:
first quarter, April 1; second quarter, July 1; third quarter, September 30;
fourth quarter and fiscal year, December 30.

Ahmass Fakahany, executive vice president and chief financial officer, will
host a conference call today at 10:00 a.m. EST to discuss the company's 2004
fourth quarter and full year 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. EST today at the same web address.

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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 $1.6 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. Firmwide, assets under management total $501 billion. For more
information on Merrill Lynch, please visit www.ml.com.

Merrill Lynch may make forward-looking statements, including, for example,
statements about management expectations, strategic objectives, growth
opportunities, business prospects, investment banking backlogs, anticipated
financial results, the impact of off balance sheet arrangements, significant
contractual obligations, anticipated results of litigation and regulatory
investigations and proceedings, and other similar matters. These forward-looking
statements are not statements of historical facts and represent only Merrill
Lynch's beliefs regarding future performance, which are inherently uncertain.
There are a variety of factors, many of which are beyond Merrill Lynch's
control, which affect its operations, performance, business strategy and results
and could cause its actual results and experience to differ materially from the
expectations and objectives expressed in any forward-looking statements. These
factors include, but are not limited to, financial market volatility, actions
and initiatives taken by both current and potential competitors, general
economic conditions, the effects of current, pending and future legislation,
regulation and regulatory actions, and the other risks detailed in Merrill
Lynch's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on 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.

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 forward-looking statements to
reflect the impact of circumstances or events that arise after the date the
forward-looking statements are made. The reader should, however, consult any
further disclosures Merrill Lynch may make in its reports on Form 10-K, Form
10-Q and Form 8-K.


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