Bank of New York Mellon Corporation


Bank of New York Mellon Corporation

Infobox Company
company_
company_name = The Bank of New York Mellon
company_type = Public (nyse|BK)
slogan = "Helping clients succeed in the global marketplace."
foundation = 2007cite web |url=http://www.marketwatch.com/news/story/mellon-ceo-kelly-says-bank/story.aspx?guid=%7B8612AB12-7A2E-4EDC-B07D-1EC0C877A044%7D |title=Mellon CEO says merger 'ahead of schedule' |publisher=MarketWatch |accessdate=2007-08-07]
location = flagicon|United States|size=20pxPittsburgh, Pennsylvania New York City, New York [cite web |url=http://www.nndb.com/company/236/000159756/ |title=Bank of New York Mellon Profile |publisher=NNDB |accessdate=2007-08-07]
key_people = Tom Renyi, Executive Chairman [cite web |url=http://www.iht.com/articles/2006/12/04/business/web.1204bank.php |title=Bank of New York to buy Mellon Financial for $16.5 billion |publisher=International Herald Tribune |accessdate=2007-08-07]
Robert P. Kelly, CEO [cite web |url=http://biz.yahoo.com/ap/070719/earns_bank_of_new_york_mellon.html?.v=7 |title=Bank of New York Posts Rise in 2Q Earnings Before Costs Related to Buying Mellon |publisher=Yahoo! Finance |accessdate=2007-08-07]
Gerald Hassell, President [cite web |url=http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=915469 |title=Gerald Hassell Profile |publisher=Forbes |accessdate=2008-08-18]
num_employees = 40,000
industry = Banking
products = Financial Services
revenue = profitUS$ 13 Billion (2007)
net_income = profitUS$ 3.5 Billion (2007)
assets = profitUS$ 18 Trillion (under custody)
profitUS$ 1 Trillion (under management) (2007)
homepage = [http://www.bnymellon.com Official website]

The Bank of New York Mellon Corporation (nyse|BK), is a global financial services company formed on 1 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. [cite web |url=http://finance.google.com/finance?q=NYSE:BK |title=The Bank of New York Mellon Profile |publisher=Google Finance |accessdate=2007-08-06] The company employs about 40,000 staff worldwide and has over US $1 trillion in assets under management and in excess of $23 trillion in assets under custody and administration.cite web |url=http://www.bloomberg.com/apps/news?pid=20601109&sid=adHDI3vPN93c|title=BlackRock, Pimco Submit Bids to Manage Treasury Bailout Assets|publisher=Bloomberg|accessdate=2008-10-09] It operates in six primary financial services sectors including asset management, asset servicing, wealth management, broker-dealer and advisory services, issuance services, and treasury services. [cite web |url=http://finance.yahoo.com/q/pr?s=BK |title=Bank of New York Mellon Profile |publisher=Yahoo! Finance |accessdate=2008-08-19] In 2008, the company experienced a Data spill, losing an undisclosed number of tapes containing customer information. [cite web |url=http://www.bnymellon.com/tapequery/ |title=Tape Query |accessdate=2008-10-11]

History

Bank of New York

The Bank of New York was founded by Alexander Hamilton on 9 June 1784, in the old Walton Mansion in New York City. [cite web |url=http://business.guardian.co.uk/story/0,,1963954,00.html |title=Bank of New York merges with Mellon in £8bn deal |publisher=The Guardian |accessdate=2007-08-08] cite web |url=http://www.nyc-architecture.com/LM/LM051-BANKOFNEWYORK.htm |title=Bank of New York Building Profile |publisher=NYC Architecture |accessdate=2007-08-08] cite web |url=http://www.usgennet.org/usa/ny/state/his/bk12/ch19/pt1.html |title=The History of New York States |publisher=USGenNet |accessdate=2007-08-08] The President of the new bank was former Major General Alexander McDougall, with William Winston Seaton as the Chief Cashier. In 1792 when the New York Stock Exchange was first opened, The Bank of New York was the first company to be traded on the Exchange.cite web |url=http://nyjobsource.com/bankofny.html |title=Bank of New York Profile |publisher=The New York Job Source |accessdate=2007-08-08] When the bank had been founded in 1784, it had been established by a series of documents drawn up by Alexander Hamilton. It wasn't until 2 May 1791 that the Bank was able to procure a charter.

The charter was renewed several times up until the , when in 1852, it was officially recognized under Banking Law as a bank having a capital of $2,000,000. Following the instigation of the National Banking Act, the Bank of New York in 1865 was once again chartered, this time as a National Bank via the act.

Up through the early 1900s, the Bank of New York continued to expand and prosper. In July of 1922, the Bank of New York and the New York Life Insurance and Trust Company merged. [cite web |url=http://www.time.com/time/magazine/article/0,9171,747266-1,00.html |title=New York's Oldest |publisher=TIME |accessdate=2007-08-11] Because of the wise policies adopted by the management of the Bank, the firm managed to come through the Great Depression strengthened financially. In 1948 the Bank once again merged, this time with the Fifth Avenue Bank, to be followed by a merger in 1966 with the Empire Trust Company. That same year, 1966, the Bank of New York opened offices in London. The addition of the London office, was instrumental in the establishment of the Bank on the international level. The bank's holding company was created in 1969. It was instrumental in the growth and expansion of the Bank of New York, outside of New York City.

Mellon Financial

"T. Mellon & Son's Bank," as Mellon Financial was originally called, was founded in Pittsburgh, Pennsylvania. The bank was established in 1869 by the retired Judge Thomas Mellon and his sons Andrew W. Mellon and Richard B. Melloncite web |url=http://nyjobsource.com/mellon.html |title=Mellon Financial Profile |publisher=The New York Job Source |accessdate=2007-08-09] Alcoa, Westinghouse, and Bethlehem Steel amongst other industrial firms, were a few of the companies T. Mellon & Son's financed. The former Oil company, Gulf Oil, was considered to be one T. Mellon & Son's most successful financial investments. [cite web |url=http://www.vault.com/companies/company_main.jsp?product_id=939&ch_id=271&co_page=2&v=1 |title=Pittsburgh pride |publisher=Vault |accessdate=2007-09-06] The former Judge Thomas Mellon decided to retire from the firm as President in 1886 to be succeeded by his son, Andrew. [cite web |url=http://www.time.com/time/magazine/article/0,9171,747002,00.html |title=Next Mellon |publisher=TIME |accessdate=2008-08-23]

In 1902, T. Mellon & Son's name was changed to that of the Mellon National Bank.cite web |url=http://www1.excite.com/home/careers/company_profile/0,15623,387,00.html |title=Mellon Financial Corporation Profile |publisher=Excite Careers |accessdate=2007-08-16] The firm merged with the Union Trust Company in 1946, a business founded by Andrew Mellon.cite web |url=http://www.time.com/time/magazine/article/0,9171,888273,00.html |title=The Mellons Go to Work Again |publisher=TIME |accessdate=2008-09-08] The name of the newly formed organization was the Mellon National Bank and Trust Company, Pittsburgh's first $1 billion bank.

The Bank of New York and Mellon Financial Corporation Merger

On December 4, 2006, Bank of New York and Mellon Financial Corporation announced that they would merge, creating the world's largest securities servicing and asset management firm. Under terms of the deal, Bank of New York's shareholders received 0.9434 shares in the new company for each share of Bank of New York that they owned, and Mellon shareholders (Taks) received 1 share in the new company for each Mellon share they owned. Bank of New York and Mellon entered into mutual stock option agreements for 19.9% of the issuer's outstanding common stock.

The new company, called Bank of New York Mellon Corporation, is the world's leading asset servicer by a considerable margin, with $18 trillion in assets under custody (vaulting it over State Street Corporation, which has $15.1 trillion of assets under custody), and corporate trustee with $8 trillion in assets under trusteeship. It ranks among the top 10 global asset managers with more than $1 trillion in assets under management. It also added Mellon's asset management and wealth management businesses to Bank of New York's corporate trust, depositary receipt, correspondent clearing, and government bond clearance activities. This combination of businesses endowed the new company with an extremely diverse business mix and leading positions in most businesses.

It ranks as a top-10 U.S. wealth manager with more than $160 billion in client assets, and is a leading U.S. cash management and global payments provider. The company has annual revenues of about $13 billion, and pro-forma market capitalization of about $50 billion. The company has 40 thousand employees around the world. The Bank of New York Mellon Corporation operates in 37 countries, serving more than 100 markets. The company provides financial services for institutions, corporations, and high-net-worth individuals, through a worldwide team. It also services more than $11 trillion in outstanding debt.

Thomas A. Renyi, former chairman and chief executive of Bank of New York, served as executive chairman of Bank of New York Mellon for 18 months following the close of the deal, with overall responsibility for the integration of the two companies, having retired effective July 1, 2008. Although his office was historically located at One Wall Street, he has now been moved to their new offices at 200 Park Avenue (MetLife Building) where he will maintain an office suite for an indefinite period of time.

Robert P. Kelly, former president, chairman, and chief executive of Mellon, serves as chief executive of the new company and succeeded Renyi as chairman of the board. Gerald L. Hassell, former president of Bank of New York, holds the same position in the new company.

The board of directors has 10 members designated by Bank of New York, and 8 members designated by Mellon. The new company's headquarters is based in New York City.

The merger was finalized on the July 2, 2007. Although the principal office of business was to be the One Wall Street office, slowly but surely many key operating departments have been and are being transferred to Pittsburgh, PA, the historic home of Mellon. It remains to be seen how much or how little of The Bank of New York's presence remains. Already, many significant and key personnel have departed for greener pastures - John Dowd, Chief Trust Officer, and Thomas Scaturro, Sales Director, have both left to assume similar if not higher roles at Wachovia. The personal trust department has seen a flurry of departures of key trust officers, in addition to John Dowd and Thomas Scaturro, since the merger announcement. Already, it has been said that The Bank of New York's "Hamilton Group" -- the home of a vast amount of 'smaller' trust accounts -- is planned to be moved to Pittsburgh, PA, at some time in 2009, which is ominous for the rest of The Bank of New York's Trust Departments - currently located in New York City, New Jersey, Connecticut and Garden City, NY. In addition, significant questions remain as to its Pershing subsidiary.

See also

* Bank of New York
* Mellon Financial Corporation
* One Wall Street, Manhattan
* One Mellon Center

Notes

External links

* [http://www.bnymellon.com/ Official website: Bank of New York Mellon]
* [http://finance.google.com/finance?q=BK Google Finance: Bank of New York Profile]


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