Merrill Lynch CEO John Thain has decided not to sell the wirehouse's Financial Data Services business after all. Thain had told analysts in July that he hoped to raise some $3.5 billion for the unit that handles administration for mutual funds and retail banking products.

Bank of America's purchase of Merrill Lynch last month means that the sale of FDS no longer makes sense, Merrill Lynch's top brass said in the firm's quarterly earnings statement released early Thursday morning.

Thomson Financial reported on July 17 that Merrill Lynch had signed a letter of intent with an undisclosed suitor to sell the FDS unit. However, the identity of any suitors was never reported and with today's announcement no deal will take place.  

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