Bank of America is combining its online brokerage with Merrill Lynch's web offerings as part of a broader push to attract more "emerging affluent" investors, wealth management head Sallie Krawcheck said, according to a report by Reuters.

BofA plans to consolidate its own online service, formerly known as Quick & Reilly, with Merrill Lynch online. These online brokerage services, together with Merrill's call centre, will be brought together as the focus for investors with less than $250,000 of assets.

The new services, Merrill Edge, will target "those clients who today have got 'play money' at one of the online brokers," Ms Krawcheck told the news service in an exclusive interview. The service is "more importantly for the next generation who are feeling pretty hurt by the downturn."

Bank of America acquired brokerage giant Merrill in January 2009, creating the world’s largest wealth manager, although it remains a predominantly domestic US player. It gained Quick & Reilly from its takeover of Fleet Financial Group in 2004.

Ms Krawcheck said the bank is not "swimming upstream" and leaving small investors behind. In her view, the bank is offering "appropriate" services to a wide range of customers: from US Trust private banking for the ultra-rich to the less affluent.

"It's not about shifting the business to a wealthy individual, it's making sure we're serving our clients appropriately," she said.