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BNY Mellon

The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services.[2] BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company,[3][4][5] with $1.8 trillion in assets under management and $45.7 trillion in assets under custody as of 2023.[6] It is considered a systemically important bank by the Financial Stability Board.

The Bank of New York Mellon Corporation
Headquarters at 240 Greenwich Street
Company typePublic
Industry
PredecessorBank of New York (founded 1784)
Mellon Financial (founded 1870)
FoundedJuly 1, 2007; 16 years ago (2007-07-01)
Founder
Headquarters240 Greenwich Street
Manhattan, New York City, U.S.
Area served
Worldwide
Key people
  • Robin Vince (CEO)
  • Dermot McDonogh (CFO)
Products
Revenue US$16.38 billion (2022)
US$3.328 billion (2022)
US$2.362 billion (2022)
AUM US$1.836 trillion (2022)
Total assets US$405.8 billion (2022)
Total equity US$40.73 billion (2022)
Number of employees
51,700 (2022)
SubsidiariesBNY Mellon Investment Management
WebsiteBNYMellon.com
Footnotes / references
[1]

Through its Bank of New York predecessor, it is the oldest bank in the United States and the first listed on the New York Stock Exchange. It is regarded as being among the oldest banks in the world, having been established in June 1784 by a group that included American Founding Father Alexander Hamilton.[7] T. Mellon and Sons Bank, was founded in Pittsburgh in 1869 by Thomas Mellon and his sons Richard and Andrew, the latter of whom later became Secretary of the US Treasury.[8] The bank replaced its name with Mellon National Bank in 1902.[8]

History edit

Bank of New York edit

 
The Walton Mansion housed the Bank of New York from 1784 to 1787.

The first bank in the U.S. was the Bank of North America in Philadelphia, which was chartered by the Continental Congress in 1781; Alexander Hamilton, Thomas Jefferson and Benjamin Franklin were among its founding shareholders.[7] In February 1784, The Massachusetts Bank in Boston was chartered.[7]

The shipping industry in New York City chafed under the lack of a bank, and investors envied the 14% dividends that Bank of North America paid, and months of local discussion culminated in a June 1784 meeting at a coffee house on St. George's Square which led to the formation of the Bank of New York company.[citation needed] The bank operated without a charter for seven years.[9] The initial plan was to capitalize the company with $750,000, a third in cash and the rest in mortgages, but after this was disputed the first offering was to capitalize it with $500,000 in gold or silver. When the bank opened on June 9, 1784, the full $500,000 had not been raised; 723 shares had been sold, held by 192 people. Aaron Burr had three of them, and Hamilton had one and a half shares. The first president was Alexander McDougall and the Cashier was William Seton.[10][11][12][13]

Its first offices were in the old Walton Mansion in New York City.[3][10][11] In 1787, it moved to a site on Hanover Square that the New York Cotton Exchange later moved into.[10]

The bank provided the United States government its first loan in 1789. The loan was orchestrated by Hamilton, then Secretary of the Treasury, and it paid the salaries of United States Congress members and President George Washington.[14]

The Bank of New York was the first company to be traded on the New York Stock Exchange when it first opened in 1792.[15] In 1796, the bank moved to a location at the corner of Wall Street and William Street, which would later become 48 Wall Street.[10][16]

 
1808 Bank of New York 3 dollar banknote

The bank had a monopoly on banking services in the city until the Bank of the Manhattan Company was founded by Aaron Burr in 1799; the Bank of New York and Hamilton vigorously opposed its founding.[10]

During the 19th century, the bank was known for its conservative lending practices that allowed it to weather financial crises. It was involved in the funding of the Morris and Erie canals, and steamboat companies.[17][18] The bank helped finance both the War of 1812 and the Union Army during the American Civil War.[19][20] Following the Civil War, the bank loaned money to many major infrastructure projects, including utilities, railroads, and the New York City Subway.[17]

Through the early 20th century, the Bank of New York continued to expand and prosper.[18][20] In July 1922, the bank merged with the New York Life Insurance and Trust Company.[21] The bank continued to profit and pay dividends throughout the Great Depression, and its total deposits increased during the decade.[18][20] In 1948, the bank again merged, this time with the Fifth Avenue Bank, which was followed by a merger in 1966 with the Empire Trust Company.[17][20] The bank's holding company was created in 1969.[17]

 
Older Bank of New York logo

In 1988, the Bank of New York merged with Irving Bank Corporation after a year-long takeover bid by Bank of New York.[22] Irving had been headquartered at 1 Wall Street and after the merger, this became the headquarters of the Bank of New York on July 20, 1988.[23][24][25]

From 1993 to 1998, the bank made 33 acquisitions, including acquiring JP Morgan's Global Custody Business in 1995.[20] Ivy Asset Management was acquired in 2000.

In October 2002, Bank of New York entered into an alliance with ING to gain a stronger footing in Eastern European markets.[26]

In 2003, Bank of New York acquired Pershing LLC, the stock clearing unit of Credit Suisse First Boston for $2 Billion.[20][27] The Pershing acquisition made BNY the nation’s largest clearing firm for stock trades.[28]

In 2005, the bank paid a $14 million settlement to the Russian government concerning the money laundering activities of a rogue employee in the 1990s.[29][30] This scandal has been sometimes called Russiagate.[31]

In 2006, the Bank of New York traded its retail banking and regional middle-market businesses for J.P. Morgan Chase's corporate trust assets. The deal signaled the bank's exit from retail banking.[32]

Mellon Financial edit

 
Andrew W. Mellon

Mellon Financial was founded as T. Mellon & Sons' Bank in Pittsburgh, Pennsylvania, in 1869 by retired judge Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon.[33] The bank invested in and helped found numerous industrial firms in the late 1800s and early 1900s including Alcoa, Westinghouse, Gulf Oil, General Motors and Bethlehem Steel.[34][35] Both Gulf Oil and Alcoa are, according to the financial media, considered to be T. Mellon & Sons' most successful financial investments.[34][35]

In 1902, T. Mellon & Sons' name was changed to the Mellon National Bank.[34] In 1946, the firm merged with the Union Trust Company, a business founded by Andrew Mellon in 1899, and other affiliated financial firms. The newly formed organization was named the Mellon National Bank and Trust Company, and was Pittsburgh's first US$1 billion bank.[36]

The bank formed the first dedicated family office in the United States in 1971.[37] A reorganization in 1972 led to the bank's name changing to Mellon Bank, N.A. and the formation of a holding company, Mellon National Corporation.[33][34]

Mellon Bank acquired multiple banks and financial institutions in Pennsylvania during the 1980s and 1990s.[38] In 1992, Mellon acquired 54 branch offices of Philadelphia Savings Fund Society, the first savings bank in the United States, founded in 1819.[39]

In 1993, Mellon acquired The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation. The following year, Mellon merged with the Dreyfus Corporation, bringing its mutual funds under its umbrella.[34] In 1999, Mellon Bank Corporation became Mellon Financial Corporation. Two years later, it exited the retail banking business by selling its assets and retail bank branches to Citizens Financial Group.[34]

Merger edit

On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced they would merge.[40] The merger created the world's largest securities servicing company and one of the largest asset management firms by combining Mellon's wealth-management business and the Bank of New York's asset-servicing and short-term-lending specialties.[3][40] The companies anticipated saving about $700 million in costs and cutting around 3,900 jobs, mostly by attrition.[3]

The deal was valued at $16.5 billion and under its terms, the Bank of New York's shareholders received 0.9434 shares in the new company for each share of the Bank of New York that they owned, while Mellon Financial shareholders received 1 share in the new company for each Mellon share they owned.[19] The Bank of New York and Mellon Financial entered into mutual stock option agreements for 19.9 percent of the issuer's outstanding common stock.[40] The merger was finalized on July 1, 2007.[5] The company's principal office of business was located at the One Wall Street office previously held by the Bank of New York.[4] The full name of the company became The Bank of New York Mellon Corp., with the BNY Mellon brand name being used for most lines of business.[4][5]

Post-merger history edit

In October 2008, the U.S. Treasury named BNY Mellon the master custodian of the Troubled Asset Relief Program (TARP) bailout fund during the financial crisis of 2007 to 2010. BNY Mellon won the assignment, which included handling accounting and record-keeping for the program, through a bidding process.[41] In November 2008, the company announced that it would lay-off 1,800 employees, or 4 percent of its global workforce, due to the financial crisis.[42] According to the results of a February 2009 stress test conducted by federal regulators, BNY Mellon was one of only three banks that could withstand a worsening economic situation.[43] The company received $3 billion from TARP, which it paid back in full in June 2009, along with US$136 million to buy back warrants from the Treasury in August 2009.[44][45]

In August 2009, BNY Mellon purchased Insight Investment, a management business for external funds, from Lloyds Banking Group.[46][47] The company acquired PNC Financial Services' Global Investment Servicing Inc. in July 2010 and Talon Asset Management's wealth management business in 2011.[48][49]

By 2013, the company's capital had steadily risen from the financial crisis. In the results of the Federal Reserve's Dodd-Frank stress test in 2013, the bank was least affected by hypothetical extreme economic scenarios among banks tested.[50] It was also a top performer on the same test in 2014.[51]

BNY Mellon began a marketing campaign in 2013 to increase awareness of the company that included a new slogan and logo.[52][53]

In 2013, the bank started building a new IT system called NEXEN.[54][55] NEXEN uses open source technology and includes components such as an API store, data analytics, and a cloud computing environment.[56][57]

In May 2014, BNY Mellon sold its 1 Wall Street headquarters,[58] and in 2015, moved into leased space at Brookfield Place.[59] In June 2014, the company combined its global markets, global collateral services and prime services to create the new Markets Group,[60] also known as BNY Markets Mellon.[61] The company expanded its Hong Kong office in October 2014 as part of the company's plans to grow its wealth management business.[62]

Between 2014 and 2016, BNY Mellon opened innovation centers focused on emerging technologies, big data, digital and cloud-based projects, with the first opening in Silicon Valley.[63][64][65]

In September 2017, BNY Mellon announced that it agreed to sell CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners. The transaction is subject to standard regulatory approvals and is expected to be completed by the end of 2017.[66]

In November 2017, BNY Mellon performed the United States banking industry's first real-time payment transaction using a system set up by The Clearing House. The transaction moved a nominal amount between accounts at BNY Mellon and U.S. Bancorp in three seconds, inaugurating the first new payment clearance and settlement system for the US in over 40 years.[67]

In January 2018, BNY Mellon announced that it was again moving its headquarters location, less than four years after its prior move. The headquarters location was announced as 240 Greenwich Street, a renaming of the already BNY Mellon-owned 101 Barclay Street office building in Tribeca, New York City.[68][69] BNY Mellon had owned the office building for over 30 years, with control of the location obtained via 99-year ground lease. The same year, the company purchased the location from the city for $352 million.[70]

In February 2020, Mellon announced that it has successfully onboarded Liontrust Asset Management to its new Investment Operations platform.[71]

In early 2023, BNY Mellon’s Pershing unit announced the addition of real-time payments to its investor portal.[72] In June 2023, BNY Mellon's Pershing X launched wealth management platform Wove.[73] In July 2023, BNY Mellon became an early adopter of Federal Reserve’s instant payment rail, FedNow.[74]

Operations edit

BNY Mellon operates in 35 countries in the Americas, Europe, the Middle East and Africa (EMEA), and Asia-Pacific.[75][76] The company employed 51,700 people As of December 2022.[1] In October 2015, the group's American and global headquarters relocated to 225 Liberty Street, as the former 1 Wall Street building was sold in 2014.[59] In July 2018, the company changed its headquarters again, this time to its existing 240 Greenwich Street location in New York (previously addressed 101 Barclay St).[77] The group's EMEA headquarters are located in London and its Asia-Pacific headquarters are located in Hong Kong.[78][79]

Business edit

The bank's primary functions are managing and servicing the investments of institutions and high-net-worth individuals.[15] Its two primary businesses are Investment Services and Investment Management.[80][81] The bank's clients include 80 percent of Fortune 500 companies.[82] The company also serves 77 percent of the top 100 endowments, 87 percent of the top 1,000 pension and employee benefit funds, 51 percent of the top 200 life and health insurance companies and 50 percent of the top 50 universities.[83]

Investment Services edit

BNY Mellon had $45.7 trillion in assets under custody and $1.8 trillion in assets under management as of September 2023.[84] The financial services offered by the business include asset servicing, alternative investment services, broker-dealer services, corporate trust services and treasury services.[76][80] Other offerings include global collateral services, foreign exchange, securities lending, middle and back office outsourcing, and depository receipts.[76][80]

The company's subsidiary Pershing LLC handles securities services, including execution, settlement, and clearing. It also provides back office support to financial advisors.[85][86]

In 2014, the company formed a new Markets Group, which offers collateral management, securities finance, foreign exchange and capital markets.[60] The group is now known as BNY Mellon Markets.[61]

Investment Management edit

Wealth Management edit

BNY Mellon's Wealth Management unit handles the private banking, estate planning, family office services, and investment servicing and management of high-net-worth individuals and families.[76][87] As of 2014, it ranks 7th among wealth management businesses in the United States. Starting in 2013, the unit began expansion efforts, including opening eight new banking offices, increasing salespeople, bankers, and portfolio managers on staff, and launching an awareness campaign for wealth management services through television ads.[87]

Leadership edit

Charles W. Scharf was appointed CEO in July 2017 and became Chairman after former CEO and chairman Gerald Hassell retired at the end of 2017.[88][89] Hassell had been Chairman and CEO since 2011, after serving as BNY Mellon's president from 2007 to 2012[89] and as the president of the Bank of New York from 1998 until its merger. Scharf stepped down in 2019 to become the new CEO of Wells Fargo. Thomas "Todd" Gibbons served as BNY Mellon's CEO from 2020 to 2022.[90] Robin Vince took over as the new CEO in 2022.[91]

Karen Peetz served as president (the bank's first female president) from 2013 to 2016, when she retired; the company did not appoint a new president when she retired.[92][93] Thomas Gibbons served as CFO between 2008 and 2017, when he also served as vice chairman.[94] In 2017, Gibbons was replaced as CFO by Michael P. Santomassimo.[95][96] BNY Mellon's Investment Management business is run by CEO Mitchell Harris,[97] and the company's Investment Services business was led by Brian Shea[98] until his retirement in December 2017.[99]

As of 2023, the company's board members were Linda Z. Cook, Joseph J. Echevarria, M. Amy Gilliland, Jeffrey A. Goldstein, K. Guru Gowrappan, Ralph Izzo, Sandie O’Connor, Elizabeth E. Robinson, Robin Vince, and Alfred W. “Al” Zollar.[100]

Robin A. Vince was appointed president and CEO in August 2022, succeeding Gibbons. On his appointment, he also became a member of the company’s board of directors.[101]

Company culture edit

In 2008, BNY Mellon formed a Board of Directors corporate social responsibility committee to set sustainability goals.[102][103] The company's corporate social responsibility activities include philanthropy, social finance in the communities the bank is located in, and protecting financial markets globally.[104]

The bank's philanthropic activities include financial donations and volunteerism.[105] The company matches employee volunteer hours and donations with financial contributions through its Community Partnership program.[106] Between 2010 and 2012, the company and its employees donated approximately $100 million to charity.[105] In 2014, the company worked with the Forbes Fund to create a platform that connects nonprofit organizations with private businesses to solve social challenges.[107]

The CDP, which measures corporate greenhouse gas emissions and disclosures, gave the company A ratings between 2013 and 2018.[108] As of 2014, the company has saved $48 million due to building efficiency; five of its buildings have achieved Leadership in Energy and Environmental Design (LEED-EB) certification and 23 have interiors that are LEED certified.[103]

The company has business resource groups for employees that are focused on diversity and inclusion.[104][109] In 2009, Karen Peetz co-founded the BNY Mellon Women's Initiative Network (WIN), a resource group for female employees' professional development.[110] As of 2013, WIN had 50 chapters.[111] Other groups include PRISM for LGBT employees, IMPACT, which serves multicultural employees, HEART for employees with disabilities, GENEDGE, intergenerational resource group, and VETNET for veterans, military spouses, family members and their colleagues.[109][112][113] The bank has services for returning military, including a tool to help veterans align military skills and training with jobs at the company.[114] In 2014, it was recognized for its diversity practices by the National Business Inclusion Consortium, which named it Financial Services Diversity Corporation of the Year.[115]

In 2009, the company began an innovation program for employees to suggest ideas for large-scale projects and company improvement. Ideas from the initial pilot program generated approximately $165 million in pretax profit. The program results in an annual contest called "ACE" in which teams pitch their ideas.[116]

In 2022, BNY Mellon released The Pathway to Inclusive Investment, a report focused on the gender-investment gap. The research surveyed 8,000 respondents across 16 markets globally with combined assets of $60T. The report identified barriers to investment and ways that the industry could overcome them, indicating that if were women to invest at the same rate as men, this would unlock an estimated $3.2T of additional capital.[117]

Controversies and legal issues edit

Foreign currency exchange issues edit

In October 2011, the U.S. Justice Department and New York's attorney general filed civil lawsuits against the Bank of New York, alleging foreign currency fraud. The suits held that the bank deceived pension-fund clients by manipulating the prices assigned to them for foreign currency transactions. Allegedly, the bank selected the day's lowest rates for currency sales and highest rates for purchases, appropriating the difference as corporate profit. The scheme was said to have generated $2 billion for the bank, at the expense of millions of Americans' retirement funds, and to have transpired over more than a decade. Purportedly, the bank would offer secret pricing deals to clients who raised concerns, in order to avoid discovery. Bank of New York defended itself vigorously, maintaining the fraud accusations were "flat out wrong" and warning that as the bank employed 8,700 employees in New York, any damage to the bank would have negative repercussions for the state of New York.[118][119]

Finally, in March 2015, the company admitted to facts concerning the misrepresentation of foreign exchange pricing and execution. BNY Mellon's alleged misconduct in this area includes representing pricing as best rates to its clients, when in fact they were providing clients with bad prices while retaining larger margins. In addition to dismissing key executives, the company agreed to pay a total of US$714 million to settle related lawsuits.[120]

In May 2015, BNY Mellon agreed to pay $180 million to settle a foreign exchange-related lawsuit.[121]

In May 2016, multiple plaintiffs filed suit against the bank, alleging that the company had breached its fiduciary duty to ERISA plans that held American Depositary Receipts by overcharging retirement plans that invested in foreign securities.[122] In March 2017, the presiding judge declined to dismiss the suit. In December 2017, another lawsuit alleged that BNY Mellon manipulated foreign exchange rates was filed by Sheet Metal Workers' National Pension Fund.[123] BNY Mellon agreed to pay $12.5 million to settle the 2016 lawsuit in December 2018.[124]

Personal data breach edit

In February 2008, BNY Mellon suffered a security breach resulting in the loss of personal information when backup tapes containing the personal records of 4.5 million individuals went missing. Social security numbers and bank account information were included in the records. The breach was not reported to the authorities until May 2008, and letters were sent to those affects on May 22, 2008.[125][126]

In August 2008, the number of affected individuals was raised to 12.5 million, 8 million more than originally thought.[127][128]

IT system outages edit

On Saturday, August 22, 2015, BNY Mellon's SunGard accounting system broke down during a software change. This led to the bank being unable to calculate net asset value (NAV) for 1,200 mutual funds via automated computer system.[129] Between the breakdown and the eventual fix, the bank calculated the values using alternative means, such as manual operation staff. By Wednesday, August 26, the system was still not fully operational.[130] The system was finally operational to regular capacity the following week. As a result of a Massachusetts Securities Division investigation into the company's failure and lack of a backup plan, the company paid $3 million.[131]

In December 2016, another major technology issue caused BNY Mellon to be unable to process payments related to the SWIFT network. As of the time of the issue, the bank processed about 160,000 global payments daily, an average of $1.6 trillion.[132] The company was unable to process payments for a 19 hours, which led to a backlog of payments and an extension of Fedwire payment services.[132]

Privately owned public space agreement violation edit

According to a New York City Comptroller audit in April 2017, BNY Mellon was in violation of a privately owned public space (POPS) agreement for at least 15 years. In constructing the 101 Barclay Street building in Lower Manhattan, BNY Mellon had received a permit allowing modification of height and setback regulations in exchange for providing a lobby accessible to the general public 24 hours a day. Auditors and members of the public had been unable to access or assess the lobby for many years, and were actively prevented from doing so by BNY Mellon security.[133][134]

In September 2018, the company began to permit public access to a portion of the lobby.[135] However, BNY Mellon remains in violation of its agreement, as the lobby must be accessible to the public 24 hours a day.[136] As of early 2021 the city Comptroller reported that company security personnel prevented auditors from entering or photographing the lobby and was seeking to have the "public lobby" designation removed.[137]

Employment legal issues edit

BNY Mellon settled foreign bribery charges with the U.S. Securities and Exchange Commission (SEC) in August 2015 regarding its practice of providing internships to relatives of officials at a Middle Eastern investment fund.[138] The U.S. SEC found the firm in violation of the Foreign Corrupt Practices Act.[139] The case was settled for $14.8 million.[140]

In March 2019, BNY Mellon staff considered legal options after the company banned employees from working from home.[141] In particular, staff cited concerns regarding the impact on childcare, mental health, and diversity.[142] The company reverted the ban as a result of employee outcry.[143]

Other legal issues edit

In September 2009, BNY Mellon settled a lawsuit that had been filed against the Bank of New York by the Russian government in May 2007 for money laundering; the original suit claimed $22.5 billion in damages and was settled for $14 million.[144][145]

In 2011, South Carolina sued BNY Mellon for allegedly failing to adhere to the investment guidelines relating to the state's pension fund. The company settled with the state in June 2013 for $34 million.[146][147]

In July 2012, BNY Mellon settled a class action lawsuit relating to the collapse of Sigma Finance Corp. The suit alleged that the bank invested and lost cash collateral in medium-term notes. The company settled the lawsuit for $280 million.[148]

In December 2018, BNY Mellon agreed to pay nearly $54 million to settle charges of improper handling of "pre-released" American depositary receipts (ADRs) under investigation of the U.S. Securities and Exchange Commission (SEC). BNY Mellon did not admit or deny the investigation findings but agreed to pay disgorgement of more than $29.3 million, $4.2 million in prejudgment interest and a penalty of $20.5 million.[149][150]

Recognition and rankings edit

As of 2015, BNY Mellon was the world's largest custody bank,[151][152] the sixth-largest investment management firm in the world,[153] and the seventh-largest wealth management firm in the United States.[62] In 2018, BNY Mellon ranked 175 on the Fortune 500[154] and 250 on the Financial Times Global 500.[155] It was named one of world's 50 Safest Banks by Global Finance in 2013 and 2014,[156][157] and one of the 20 Most Valuable Banking Brands in 2014 by The Banker.[158] BNY Mellon was named on the Dow Jones Sustainability North America Index in 2013,[159] 2014 and 2015, and the World Index in 2014,[160] 2015[161] and 2016.[162]

The bank says it is the longest running bank in the United States,[163] a distinction sometimes disputed by its rivals and some historians.[7] The Bank of North America was chartered in 1781, and was absorbed by a series of other entities until it was acquired by Wells Fargo. Similarly, The Massachusetts Bank went through a series of acquisitions and ended up as part of Bank of America. The Bank of New York remained independent, absorbing other companies, until its merger with Mellon. BNY Mellon is at least the third-oldest bank in the US.[7]

Sponsorships edit

Since 2012, BNY Mellon has expanded its number of sponsorships.[164] BNY Mellon was the title sponsor of the Oxford and Cambridge Boat Race from 2012 to 2015.[164][165][166] The company also sponsors the Head of the Charles Regatta in Boston.[164] In 2013, the company became a 10-year sponsor of the San Francisco 49ers and a founding partner of Levi's Stadium.[167] The company is a regular sponsor of the Royal Academy of Arts in London.[168]

See also edit

Notes edit

References edit

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  2. ^ "Meaghan Muldoon to spearhead sustainability at BNY Mellon". FinTech Global. May 25, 2023. Retrieved December 4, 2023.
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  4. ^ a b c Fitzpatrick, Dan (May 25, 2007). "Mellon Merger OK'D, HQ On Way Out". Pittsburgh Post-Gazette.
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  31. ^ van Fossen, Anthony B (2003). "Money Laundering, Global Financial Instability, and Tax Havens in the Pacific Islands". The Contemporary Pacific. 15 (2): 237–275. ISSN 1043-898X.
  32. ^ O'Donnell, Kathie (April 10, 2006). "Bank of NY and J.P. Morgan swap assets". MarketWatch. Retrieved January 22, 2015.
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External links edit

  • Official website
  • Business data for The Bank of New York Mellon:
    • Google
    • SEC filings
    • Yahoo!
  • Pershing LLC., a subsidiary of The Bank of New York Mellon Corporation
  • 225th Anniversary Commemorative Video
  • iNautix Technologies, a subsidiary of The Bank of New York Mellon
  • New York Life Insurance and Trust Company Records[permanent dead link] at Baker Library Historical Collections, Harvard Business School.

mellon, redirects, here, other, uses, disambiguation, bank, york, mellon, corporation, commonly, known, american, banking, financial, services, corporation, headquartered, york, city, bank, offers, investment, management, investment, services, wealth, manageme. BNY redirects here For other uses see BNY disambiguation The Bank of New York Mellon Corporation commonly known as BNY Mellon is an American banking and financial services corporation headquartered in New York City The bank offers investment management investment services and wealth management services 2 BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007 It is the world s largest custodian bank and securities services company 3 4 5 with 1 8 trillion in assets under management and 45 7 trillion in assets under custody as of 2023 6 It is considered a systemically important bank by the Financial Stability Board The Bank of New York Mellon CorporationHeadquarters at 240 Greenwich StreetCompany typePublicTraded asNYSE BKS amp P 100 componentS amp P 500 componentIndustryBankingFinancial servicesPredecessorBank of New York founded 1784 Mellon Financial founded 1870 FoundedJuly 1 2007 16 years ago 2007 07 01 FounderAlexander Hamilton Bank of New York Thomas Mellon Mellon Financial Headquarters240 Greenwich StreetManhattan New York City U S Area servedWorldwideKey peopleRobin Vince CEO Dermot McDonogh CFO ProductsSecurities servicesCorporate bankingInvestment bankingGlobal wealth managementFinancial analysisPrivate equityRevenueUS 16 38 billion 2022 Operating incomeUS 3 328 billion 2022 Net incomeUS 2 362 billion 2022 AUMUS 1 836 trillion 2022 Total assetsUS 405 8 billion 2022 Total equityUS 40 73 billion 2022 Number of employees51 700 2022 SubsidiariesBNY Mellon Investment ManagementWebsiteBNYMellon comFootnotes references 1 Through its Bank of New York predecessor it is the oldest bank in the United States and the first listed on the New York Stock Exchange It is regarded as being among the oldest banks in the world having been established in June 1784 by a group that included American Founding Father Alexander Hamilton 7 T Mellon and Sons Bank was founded in Pittsburgh in 1869 by Thomas Mellon and his sons Richard and Andrew the latter of whom later became Secretary of the US Treasury 8 The bank replaced its name with Mellon National Bank in 1902 8 Contents 1 History 1 1 Bank of New York 1 2 Mellon Financial 1 3 Merger 1 4 Post merger history 2 Operations 2 1 Business 2 1 1 Investment Services 2 1 2 Investment Management 2 1 3 Wealth Management 2 2 Leadership 2 3 Company culture 3 Controversies and legal issues 3 1 Foreign currency exchange issues 3 2 Personal data breach 3 3 IT system outages 3 4 Privately owned public space agreement violation 3 5 Employment legal issues 3 6 Other legal issues 4 Recognition and rankings 5 Sponsorships 6 See also 7 Notes 8 References 9 External linksHistory editBank of New York edit nbsp The Walton Mansion housed the Bank of New York from 1784 to 1787 The first bank in the U S was the Bank of North America in Philadelphia which was chartered by the Continental Congress in 1781 Alexander Hamilton Thomas Jefferson and Benjamin Franklin were among its founding shareholders 7 In February 1784 The Massachusetts Bank in Boston was chartered 7 The shipping industry in New York City chafed under the lack of a bank and investors envied the 14 dividends that Bank of North America paid and months of local discussion culminated in a June 1784 meeting at a coffee house on St George s Square which led to the formation of the Bank of New York company citation needed The bank operated without a charter for seven years 9 The initial plan was to capitalize the company with 750 000 a third in cash and the rest in mortgages but after this was disputed the first offering was to capitalize it with 500 000 in gold or silver When the bank opened on June 9 1784 the full 500 000 had not been raised 723 shares had been sold held by 192 people Aaron Burr had three of them and Hamilton had one and a half shares The first president was Alexander McDougall and the Cashier was William Seton 10 11 12 13 Its first offices were in the old Walton Mansion in New York City 3 10 11 In 1787 it moved to a site on Hanover Square that the New York Cotton Exchange later moved into 10 The bank provided the United States government its first loan in 1789 The loan was orchestrated by Hamilton then Secretary of the Treasury and it paid the salaries of United States Congress members and President George Washington 14 The Bank of New York was the first company to be traded on the New York Stock Exchange when it first opened in 1792 15 In 1796 the bank moved to a location at the corner of Wall Street and William Street which would later become 48 Wall Street 10 16 nbsp 1808 Bank of New York 3 dollar banknoteThe bank had a monopoly on banking services in the city until the Bank of the Manhattan Company was founded by Aaron Burr in 1799 the Bank of New York and Hamilton vigorously opposed its founding 10 During the 19th century the bank was known for its conservative lending practices that allowed it to weather financial crises It was involved in the funding of the Morris and Erie canals and steamboat companies 17 18 The bank helped finance both the War of 1812 and the Union Army during the American Civil War 19 20 Following the Civil War the bank loaned money to many major infrastructure projects including utilities railroads and the New York City Subway 17 Through the early 20th century the Bank of New York continued to expand and prosper 18 20 In July 1922 the bank merged with the New York Life Insurance and Trust Company 21 The bank continued to profit and pay dividends throughout the Great Depression and its total deposits increased during the decade 18 20 In 1948 the bank again merged this time with the Fifth Avenue Bank which was followed by a merger in 1966 with the Empire Trust Company 17 20 The bank s holding company was created in 1969 17 nbsp Older Bank of New York logoIn 1988 the Bank of New York merged with Irving Bank Corporation after a year long takeover bid by Bank of New York 22 Irving had been headquartered at 1 Wall Street and after the merger this became the headquarters of the Bank of New York on July 20 1988 23 24 25 From 1993 to 1998 the bank made 33 acquisitions including acquiring JP Morgan s Global Custody Business in 1995 20 Ivy Asset Management was acquired in 2000 In October 2002 Bank of New York entered into an alliance with ING to gain a stronger footing in Eastern European markets 26 In 2003 Bank of New York acquired Pershing LLC the stock clearing unit of Credit Suisse First Boston for 2 Billion 20 27 The Pershing acquisition made BNY the nation s largest clearing firm for stock trades 28 In 2005 the bank paid a 14 million settlement to the Russian government concerning the money laundering activities of a rogue employee in the 1990s 29 30 This scandal has been sometimes called Russiagate 31 In 2006 the Bank of New York traded its retail banking and regional middle market businesses for J P Morgan Chase s corporate trust assets The deal signaled the bank s exit from retail banking 32 Mellon Financial edit Main article Mellon Financial nbsp Andrew W MellonMellon Financial was founded as T Mellon amp Sons Bank in Pittsburgh Pennsylvania in 1869 by retired judge Thomas Mellon and his sons Andrew W Mellon and Richard B Mellon 33 The bank invested in and helped found numerous industrial firms in the late 1800s and early 1900s including Alcoa Westinghouse Gulf Oil General Motors and Bethlehem Steel 34 35 Both Gulf Oil and Alcoa are according to the financial media considered to be T Mellon amp Sons most successful financial investments 34 35 In 1902 T Mellon amp Sons name was changed to the Mellon National Bank 34 In 1946 the firm merged with the Union Trust Company a business founded by Andrew Mellon in 1899 and other affiliated financial firms The newly formed organization was named the Mellon National Bank and Trust Company and was Pittsburgh s first US 1 billion bank 36 The bank formed the first dedicated family office in the United States in 1971 37 A reorganization in 1972 led to the bank s name changing to Mellon Bank N A and the formation of a holding company Mellon National Corporation 33 34 Mellon Bank acquired multiple banks and financial institutions in Pennsylvania during the 1980s and 1990s 38 In 1992 Mellon acquired 54 branch offices of Philadelphia Savings Fund Society the first savings bank in the United States founded in 1819 39 In 1993 Mellon acquired The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation The following year Mellon merged with the Dreyfus Corporation bringing its mutual funds under its umbrella 34 In 1999 Mellon Bank Corporation became Mellon Financial Corporation Two years later it exited the retail banking business by selling its assets and retail bank branches to Citizens Financial Group 34 Merger edit On December 4 2006 the Bank of New York and Mellon Financial Corporation announced they would merge 40 The merger created the world s largest securities servicing company and one of the largest asset management firms by combining Mellon s wealth management business and the Bank of New York s asset servicing and short term lending specialties 3 40 The companies anticipated saving about 700 million in costs and cutting around 3 900 jobs mostly by attrition 3 The deal was valued at 16 5 billion and under its terms the Bank of New York s shareholders received 0 9434 shares in the new company for each share of the Bank of New York that they owned while Mellon Financial shareholders received 1 share in the new company for each Mellon share they owned 19 The Bank of New York and Mellon Financial entered into mutual stock option agreements for 19 9 percent of the issuer s outstanding common stock 40 The merger was finalized on July 1 2007 5 The company s principal office of business was located at the One Wall Street office previously held by the Bank of New York 4 The full name of the company became The Bank of New York Mellon Corp with the BNY Mellon brand name being used for most lines of business 4 5 Post merger history edit In October 2008 the U S Treasury named BNY Mellon the master custodian of the Troubled Asset Relief Program TARP bailout fund during the financial crisis of 2007 to 2010 BNY Mellon won the assignment which included handling accounting and record keeping for the program through a bidding process 41 In November 2008 the company announced that it would lay off 1 800 employees or 4 percent of its global workforce due to the financial crisis 42 According to the results of a February 2009 stress test conducted by federal regulators BNY Mellon was one of only three banks that could withstand a worsening economic situation 43 The company received 3 billion from TARP which it paid back in full in June 2009 along with US 136 million to buy back warrants from the Treasury in August 2009 44 45 In August 2009 BNY Mellon purchased Insight Investment a management business for external funds from Lloyds Banking Group 46 47 The company acquired PNC Financial Services Global Investment Servicing Inc in July 2010 and Talon Asset Management s wealth management business in 2011 48 49 By 2013 the company s capital had steadily risen from the financial crisis In the results of the Federal Reserve s Dodd Frank stress test in 2013 the bank was least affected by hypothetical extreme economic scenarios among banks tested 50 It was also a top performer on the same test in 2014 51 BNY Mellon began a marketing campaign in 2013 to increase awareness of the company that included a new slogan and logo 52 53 In 2013 the bank started building a new IT system called NEXEN 54 55 NEXEN uses open source technology and includes components such as an API store data analytics and a cloud computing environment 56 57 In May 2014 BNY Mellon sold its 1 Wall Street headquarters 58 and in 2015 moved into leased space at Brookfield Place 59 In June 2014 the company combined its global markets global collateral services and prime services to create the new Markets Group 60 also known as BNY Markets Mellon 61 The company expanded its Hong Kong office in October 2014 as part of the company s plans to grow its wealth management business 62 Between 2014 and 2016 BNY Mellon opened innovation centers focused on emerging technologies big data digital and cloud based projects with the first opening in Silicon Valley 63 64 65 In September 2017 BNY Mellon announced that it agreed to sell CenterSquare Investment Management to its management team and the private equity firm Lovell Minnick Partners The transaction is subject to standard regulatory approvals and is expected to be completed by the end of 2017 66 In November 2017 BNY Mellon performed the United States banking industry s first real time payment transaction using a system set up by The Clearing House The transaction moved a nominal amount between accounts at BNY Mellon and U S Bancorp in three seconds inaugurating the first new payment clearance and settlement system for the US in over 40 years 67 In January 2018 BNY Mellon announced that it was again moving its headquarters location less than four years after its prior move The headquarters location was announced as 240 Greenwich Street a renaming of the already BNY Mellon owned 101 Barclay Street office building in Tribeca New York City 68 69 BNY Mellon had owned the office building for over 30 years with control of the location obtained via 99 year ground lease The same year the company purchased the location from the city for 352 million 70 In February 2020 Mellon announced that it has successfully onboarded Liontrust Asset Management to its new Investment Operations platform 71 In early 2023 BNY Mellon s Pershing unit announced the addition of real time payments to its investor portal 72 In June 2023 BNY Mellon s Pershing X launched wealth management platform Wove 73 In July 2023 BNY Mellon became an early adopter of Federal Reserve s instant payment rail FedNow 74 Operations editBNY Mellon operates in 35 countries in the Americas Europe the Middle East and Africa EMEA and Asia Pacific 75 76 The company employed 51 700 people As of December 2022 update 1 In October 2015 the group s American and global headquarters relocated to 225 Liberty Street as the former 1 Wall Street building was sold in 2014 59 In July 2018 the company changed its headquarters again this time to its existing 240 Greenwich Street location in New York previously addressed 101 Barclay St 77 The group s EMEA headquarters are located in London and its Asia Pacific headquarters are located in Hong Kong 78 79 Business edit The bank s primary functions are managing and servicing the investments of institutions and high net worth individuals 15 Its two primary businesses are Investment Services and Investment Management 80 81 The bank s clients include 80 percent of Fortune 500 companies 82 The company also serves 77 percent of the top 100 endowments 87 percent of the top 1 000 pension and employee benefit funds 51 percent of the top 200 life and health insurance companies and 50 percent of the top 50 universities 83 Investment Services edit BNY Mellon had 45 7 trillion in assets under custody and 1 8 trillion in assets under management as of September 2023 84 The financial services offered by the business include asset servicing alternative investment services broker dealer services corporate trust services and treasury services 76 80 Other offerings include global collateral services foreign exchange securities lending middle and back office outsourcing and depository receipts 76 80 The company s subsidiary Pershing LLC handles securities services including execution settlement and clearing It also provides back office support to financial advisors 85 86 In 2014 the company formed a new Markets Group which offers collateral management securities finance foreign exchange and capital markets 60 The group is now known as BNY Mellon Markets 61 Investment Management edit Main article BNY Mellon Investment Management Wealth Management edit BNY Mellon s Wealth Management unit handles the private banking estate planning family office services and investment servicing and management of high net worth individuals and families 76 87 As of 2014 it ranks 7th among wealth management businesses in the United States Starting in 2013 the unit began expansion efforts including opening eight new banking offices increasing salespeople bankers and portfolio managers on staff and launching an awareness campaign for wealth management services through television ads 87 Leadership edit Charles W Scharf was appointed CEO in July 2017 and became Chairman after former CEO and chairman Gerald Hassell retired at the end of 2017 88 89 Hassell had been Chairman and CEO since 2011 after serving as BNY Mellon s president from 2007 to 2012 89 and as the president of the Bank of New York from 1998 until its merger Scharf stepped down in 2019 to become the new CEO of Wells Fargo Thomas Todd Gibbons served as BNY Mellon s CEO from 2020 to 2022 90 Robin Vince took over as the new CEO in 2022 91 Karen Peetz served as president the bank s first female president from 2013 to 2016 when she retired the company did not appoint a new president when she retired 92 93 Thomas Gibbons served as CFO between 2008 and 2017 when he also served as vice chairman 94 In 2017 Gibbons was replaced as CFO by Michael P Santomassimo 95 96 BNY Mellon s Investment Management business is run by CEO Mitchell Harris 97 and the company s Investment Services business was led by Brian Shea 98 until his retirement in December 2017 99 As of 2023 the company s board members were Linda Z Cook Joseph J Echevarria M Amy Gilliland Jeffrey A Goldstein K Guru Gowrappan Ralph Izzo Sandie O Connor Elizabeth E Robinson Robin Vince and Alfred W Al Zollar 100 Robin A Vince was appointed president and CEO in August 2022 succeeding Gibbons On his appointment he also became a member of the company s board of directors 101 Company culture edit In 2008 BNY Mellon formed a Board of Directors corporate social responsibility committee to set sustainability goals 102 103 The company s corporate social responsibility activities include philanthropy social finance in the communities the bank is located in and protecting financial markets globally 104 The bank s philanthropic activities include financial donations and volunteerism 105 The company matches employee volunteer hours and donations with financial contributions through its Community Partnership program 106 Between 2010 and 2012 the company and its employees donated approximately 100 million to charity 105 In 2014 the company worked with the Forbes Fund to create a platform that connects nonprofit organizations with private businesses to solve social challenges 107 The CDP which measures corporate greenhouse gas emissions and disclosures gave the company A ratings between 2013 and 2018 108 As of 2014 the company has saved 48 million due to building efficiency five of its buildings have achieved Leadership in Energy and Environmental Design LEED EB certification and 23 have interiors that are LEED certified 103 The company has business resource groups for employees that are focused on diversity and inclusion 104 109 In 2009 Karen Peetz co founded the BNY Mellon Women s Initiative Network WIN a resource group for female employees professional development 110 As of 2013 WIN had 50 chapters 111 Other groups include PRISM for LGBT employees IMPACT which serves multicultural employees HEART for employees with disabilities GENEDGE intergenerational resource group and VETNET for veterans military spouses family members and their colleagues 109 112 113 The bank has services for returning military including a tool to help veterans align military skills and training with jobs at the company 114 In 2014 it was recognized for its diversity practices by the National Business Inclusion Consortium which named it Financial Services Diversity Corporation of the Year 115 In 2009 the company began an innovation program for employees to suggest ideas for large scale projects and company improvement Ideas from the initial pilot program generated approximately 165 million in pretax profit The program results in an annual contest called ACE in which teams pitch their ideas 116 In 2022 BNY Mellon released The Pathway to Inclusive Investment a report focused on the gender investment gap The research surveyed 8 000 respondents across 16 markets globally with combined assets of 60T The report identified barriers to investment and ways that the industry could overcome them indicating that if were women to invest at the same rate as men this would unlock an estimated 3 2T of additional capital 117 Controversies and legal issues editForeign currency exchange issues edit In October 2011 the U S Justice Department and New York s attorney general filed civil lawsuits against the Bank of New York alleging foreign currency fraud The suits held that the bank deceived pension fund clients by manipulating the prices assigned to them for foreign currency transactions Allegedly the bank selected the day s lowest rates for currency sales and highest rates for purchases appropriating the difference as corporate profit The scheme was said to have generated 2 billion for the bank at the expense of millions of Americans retirement funds and to have transpired over more than a decade Purportedly the bank would offer secret pricing deals to clients who raised concerns in order to avoid discovery Bank of New York defended itself vigorously maintaining the fraud accusations were flat out wrong and warning that as the bank employed 8 700 employees in New York any damage to the bank would have negative repercussions for the state of New York 118 119 Finally in March 2015 the company admitted to facts concerning the misrepresentation of foreign exchange pricing and execution BNY Mellon s alleged misconduct in this area includes representing pricing as best rates to its clients when in fact they were providing clients with bad prices while retaining larger margins In addition to dismissing key executives the company agreed to pay a total of US 714 million to settle related lawsuits 120 In May 2015 BNY Mellon agreed to pay 180 million to settle a foreign exchange related lawsuit 121 In May 2016 multiple plaintiffs filed suit against the bank alleging that the company had breached its fiduciary duty to ERISA plans that held American Depositary Receipts by overcharging retirement plans that invested in foreign securities 122 In March 2017 the presiding judge declined to dismiss the suit In December 2017 another lawsuit alleged that BNY Mellon manipulated foreign exchange rates was filed by Sheet Metal Workers National Pension Fund 123 BNY Mellon agreed to pay 12 5 million to settle the 2016 lawsuit in December 2018 124 Personal data breach edit In February 2008 BNY Mellon suffered a security breach resulting in the loss of personal information when backup tapes containing the personal records of 4 5 million individuals went missing Social security numbers and bank account information were included in the records The breach was not reported to the authorities until May 2008 and letters were sent to those affects on May 22 2008 125 126 In August 2008 the number of affected individuals was raised to 12 5 million 8 million more than originally thought 127 128 IT system outages edit On Saturday August 22 2015 BNY Mellon s SunGard accounting system broke down during a software change This led to the bank being unable to calculate net asset value NAV for 1 200 mutual funds via automated computer system 129 Between the breakdown and the eventual fix the bank calculated the values using alternative means such as manual operation staff By Wednesday August 26 the system was still not fully operational 130 The system was finally operational to regular capacity the following week As a result of a Massachusetts Securities Division investigation into the company s failure and lack of a backup plan the company paid 3 million 131 In December 2016 another major technology issue caused BNY Mellon to be unable to process payments related to the SWIFT network As of the time of the issue the bank processed about 160 000 global payments daily an average of 1 6 trillion 132 The company was unable to process payments for a 19 hours which led to a backlog of payments and an extension of Fedwire payment services 132 Privately owned public space agreement violation edit According to a New York City Comptroller audit in April 2017 BNY Mellon was in violation of a privately owned public space POPS agreement for at least 15 years In constructing the 101 Barclay Street building in Lower Manhattan BNY Mellon had received a permit allowing modification of height and setback regulations in exchange for providing a lobby accessible to the general public 24 hours a day Auditors and members of the public had been unable to access or assess the lobby for many years and were actively prevented from doing so by BNY Mellon security 133 134 In September 2018 the company began to permit public access to a portion of the lobby 135 However BNY Mellon remains in violation of its agreement as the lobby must be accessible to the public 24 hours a day 136 As of early 2021 the city Comptroller reported that company security personnel prevented auditors from entering or photographing the lobby and was seeking to have the public lobby designation removed 137 Employment legal issues edit BNY Mellon settled foreign bribery charges with the U S Securities and Exchange Commission SEC in August 2015 regarding its practice of providing internships to relatives of officials at a Middle Eastern investment fund 138 The U S SEC found the firm in violation of the Foreign Corrupt Practices Act 139 The case was settled for 14 8 million 140 In March 2019 BNY Mellon staff considered legal options after the company banned employees from working from home 141 In particular staff cited concerns regarding the impact on childcare mental health and diversity 142 The company reverted the ban as a result of employee outcry 143 Other legal issues edit In September 2009 BNY Mellon settled a lawsuit that had been filed against the Bank of New York by the Russian government in May 2007 for money laundering the original suit claimed 22 5 billion in damages and was settled for 14 million 144 145 In 2011 South Carolina sued BNY Mellon for allegedly failing to adhere to the investment guidelines relating to the state s pension fund The company settled with the state in June 2013 for 34 million 146 147 In July 2012 BNY Mellon settled a class action lawsuit relating to the collapse of Sigma Finance Corp The suit alleged that the bank invested and lost cash collateral in medium term notes The company settled the lawsuit for 280 million 148 In December 2018 BNY Mellon agreed to pay nearly 54 million to settle charges of improper handling of pre released American depositary receipts ADRs under investigation of the U S Securities and Exchange Commission SEC BNY Mellon did not admit or deny the investigation findings but agreed to pay disgorgement of more than 29 3 million 4 2 million in prejudgment interest and a penalty of 20 5 million 149 150 Recognition and rankings editAs of 2015 BNY Mellon was the world s largest custody bank 151 152 the sixth largest investment management firm in the world 153 and the seventh largest wealth management firm in the United States 62 In 2018 BNY Mellon ranked 175 on the Fortune 500 154 and 250 on the Financial Times Global 500 155 It was named one of world s 50 Safest Banks by Global Finance in 2013 and 2014 156 157 and one of the 20 Most Valuable Banking Brands in 2014 by The Banker 158 BNY Mellon was named on the Dow Jones Sustainability North America Index in 2013 159 2014 and 2015 and the World Index in 2014 160 2015 161 and 2016 162 The bank says it is the longest running bank in the United States 163 a distinction sometimes disputed by its rivals and some historians 7 The Bank of North America was chartered in 1781 and was absorbed by a series of other entities until it was acquired by Wells Fargo Similarly The Massachusetts Bank went through a series of acquisitions and ended up as part of Bank of America The Bank of New York remained independent absorbing other companies until its merger with Mellon BNY Mellon is at least the third oldest bank in the US 7 Sponsorships editSince 2012 BNY Mellon has expanded its number of sponsorships 164 BNY Mellon was the title sponsor of the Oxford and Cambridge Boat Race from 2012 to 2015 164 165 166 The company also sponsors the Head of the Charles Regatta in Boston 164 In 2013 the company became a 10 year sponsor of the San Francisco 49ers and a founding partner of Levi s Stadium 167 The company is a regular sponsor of the Royal Academy of Arts in London 168 See also edit nbsp Banks portal nbsp Wikimedia Commons has media related to The Bank of New York Mellon 1 Wall Street BNY Mellon Center disambiguation CIBC Mellon Eagle Investment Systems Mellon Financial Corporation Pershing LLCNotes editReferences edit a b The Bank of New York Mellon Corporation 2022 Annual Report U S Securities and Exchange Commission Retrieved February 27 2022 Meaghan Muldoon to spearhead sustainability at BNY Mellon FinTech Global May 25 2023 Retrieved December 4 2023 a b c d Teather David December 5 2006 Bank of New York merges with Mellon in 8bn deal The Guardian London Retrieved January 14 2015 a b c Fitzpatrick Dan May 25 2007 Mellon Merger OK D HQ On Way Out Pittsburgh Post Gazette a b c Tascarella Patty July 2 2007 Bank of New York Mellon complete merger Pittsburgh Business Times Retrieved January 23 2015 About BNY Mellon www bnymellon com Retrieved March 8 2021 a b c d e Wallack Todd December 20 2011 Which bank is the oldest Accounts vary The Boston Globe The Boston Globe a b Loosvelt Derek Vault Firm 2006 Vault Guide to the Top Financial Services Employers New York Vault Inc p 298 ISBN 978 1 58131 416 8 Moss David A 2017 Democracy London Harvard University Press p 113 ISBN 978 0 674 97145 5 a b c d e The Story of the Bank of New York Oldest in New York and Second Oldest Recognized Bank in the Country The New York Times June 14 1909 ISSN 0362 4331 a b Jaffe Steven H Lautin Jessica 2014 Capital of Capital Money Banking and Power in New York City New York Columbia University Press pp 9 23 ISBN 978 0231537711 Retrieved January 14 2015 Hubbard J T W 1995 For Each the Strength of All A History of Banking in the State of New York NYU Press p 43 ISBN 978 0 8147 3514 5 Alexander Hamilton James 1869 Reminiscences of James A Hamilton or Men and events at home and abroad during three quarters of a century C Scribner amp co p 265 Temporary Loan of 1789 Rhodes Journal of Banking Vol 21 Chicago B Rhodes amp Company 1894 p 752 Retrieved January 14 2015 a b Bank of New York Profile The New York Job Source Archived from the original on June 9 2018 Retrieved August 8 2007 Timeline BNY Mellon Retrieved April 13 2018 a b c d Geisst Charles R 2009 Encyclopedia of American Business History Infobase Publishing pp 42 43 ISBN 978 1438109879 Retrieved January 14 2015 a b c Bank of New York Building Profile NYC Architecture Retrieved January 22 2015 a b Cox Adrian December 4 2006 Bank of New York agrees to acquire Mellon Financial The Salt Lake Tribune Retrieved January 22 2015 a b c d e f The Bank of New York Company Inc Company Profile Information Business Description History Background Information on The Bank of New York Company Inc referenceforbusiness com Reference for Business Retrieved January 14 2015 New York s Oldest Time March 26 1934 Archived from the original on July 31 2009 Retrieved January 14 2015 Quint Michael October 8 1988 Irving Signs Merger Deal Ending Fight The New York Times ISSN 0362 4331 Bank of New York Formerly Irving Trust Company Landmark New York Architecture Retrieved September 13 2017 The Bank Of New York Relocates Headquarters To One Wall Street BONY website July 20 1998 Archived from the original on August 17 2000 Retrieved August 6 2021 About The Bank of New York History of The Bank of New York BONY website Archived from the original on July 8 2000 Retrieved August 6 2021 Greensted Richard October 28 2002 Bank of New York expands alliance The ING deal will give US operator a significant presence in important continental markets Financial News Retrieved August 9 2023 Bank of New York Acquires CSFB s Pershing For 2 Billion TheStreet com January 8 2003 Retrieved January 14 2015 Sorkin Andrew Ross January 8 2003 Bank of New York to Acquire Credit Suisse Unit for 2 Billion The New York Times Retrieved November 25 2023 Kramer Andrew September 16 2009 Bank of New York Settles a Protracted Russian Lawsuit The New York Times Retrieved November 25 2023 White Gregory L October 23 2009 Russia BNY Mellon End 22 7 Billion Suit Wall Street Journal Retrieved November 25 2023 van Fossen Anthony B 2003 Money Laundering Global Financial Instability and Tax Havens in the Pacific Islands The Contemporary Pacific 15 2 237 275 ISSN 1043 898X O Donnell Kathie April 10 2006 Bank of NY and J P Morgan swap assets MarketWatch Retrieved January 22 2015 a b Mellon Financial Profile The New York Job Source Retrieved January 14 2015 a b c d e f Mellon Financial Corporation Company Profile Information Business Description History Background Information on Mellon Financial Corporation referenceforbusiness com Reference for Business Retrieved January 22 2015 a b Brown Abram July 8 2014 175 Years Later The Mellons Have Never Been Richer How d They Do It Forbes Retrieved January 22 2015 The Mellons Go to Work Again Time February 7 1946 Archived from the original on July 31 2009 Retrieved January 22 2015 Ashworth Will January 8 2015 The light shines brightly on the family office Wealth Professional Retrieved January 22 2015 Mellon Financial Corporation American bank Encyclopaedia Britannica February 3 2015 Retrieved September 22 2015 In 1982 Mellon acquired the Girard Company a major Philadelphia bank holding company and in 1985 it merged with Commonwealth National Financial Corporation a financial services company based in Harrisburg Pennsylvania The Mellon Bank acquired the investment and money management firm Boston Company Inc in 1993 and bought the Dreyfus Corporation a large manager of mutual funds in 1994 Quint Michael December 6 1989 Mellon Bank to Buy 54 of Meritor s Units The New York Times ISSN 0362 4331 Retrieved January 22 2015 a b c Vries Lloyd December 4 2006 Bank Of New York To Merge With Mellon CBS News Retrieved January 22 2015 Dash Eric October 14 2008 Bank of New York Mellon Will Oversee Bailout Fund The New York Times ISSN 0362 4331 Retrieved January 15 2015 WaMu BNY Mellon latest to shed jobs NBC News AP November 21 2011 Retrieved January 15 2015 Atal Maha July 23 2009 Banker TARP helped avert a global calamity Fortune Retrieved January 23 2015 Bernard Stephen June 17 2009 Bank of New York Mellon repays TARP funds The Seattle Times Retrieved January 15 2015 Stempel Johnathan August 5 2009 Bank of NY Mellon pays 136 mln for TARP warrants Reuters Retrieved January 15 2015 McGrath Steve Patrick Margot August 13 2009 Lloyds to Sell Insight Investment to Bank of New York Mellon The Wall Street Journal ISSN 0099 9660 Retrieved January 14 2015 Huang Daniel Dulaney Chelsey July 21 2015 BNY Mellon Profit Surges 48 The Wall Street Journal ISSN 0099 9660 BNY Mellon Initiates GFI Group Zacks July 7 2010 Archived from the original on April 2 2015 Retrieved January 15 2015 Stein Charles April 28 2011 BNY Mellon to Buy Talon Wealth Management to Expand in Chicago Bloomberg Retrieved January 15 2015 Adler Joe March 7 2013 Fed Unveils Dodd Frank Stress Test Results American Banker Retrieved January 23 2015 Touryalai Halah March 20 2014 Stress Test Results Big Banks Look Healthier As 29 of 30 Pass Zions Fails Forbes Retrieved January 23 2015 O Leary Noreen August 28 2013 BNY Mellon Review Meetings Set for Next Week New CMO Judy Hu leads the search AdWeek Retrieved January 15 2015 McMains Andrew September 12 2013 TBWA Wins BNY Mellon s Global Account Adweek Retrieved January 15 2015 Babcock Charles October 26 2015 BNY Mellon Transforms IT One Step At A Time InformationWeek Retrieved March 26 2017 Baliva Zach June 15 2016 Jennifer Cole is Helping Finance Giant BNY Mellon Become a Tech Giant Too Sync Guerrero Howe Retrieved March 26 2017 Boulton Clint April 2 2017 BNY Mellon Channels Silicon Valley Development Practices The Wall Street Journal Dow Jones amp Company ISSN 0099 9660 Retrieved March 26 2017 Fogarty Susan October 21 2016 Banking On Open Platforms And APIs NetworkComputing UBM Retrieved March 26 2017 Bloomberg News May 21 2014 BNY Mellon reach 585M deal to sell HQ Crain s New York Business a b Chaudhuri Saabira Morris Keiko June 26 2014 BNY Mellon to Keep Headquarters in New York City The Wall Street Journal ISSN 0099 9660 Retrieved January 15 2015 a b Baert Rick June 25 2014 BNY Mellon combines 3 units into new group Pensions amp Investments Retrieved January 20 2015 a b Jeannine Lehman set to leave BNY Mellon Global Investor July 20 2016 Retrieved October 20 2016 a b Sender Henny October 22 2015 BNY Mellon launches Asia wealth management strategy Financial Times Retrieved January 14 2015 Boulton Clint November 20 2014 BNY Mellon Hiring Tech Talent for Silicon Valley Innovation Center The Wall Street Journal ISSN 0099 9660 Retrieved January 23 2015 MacSweeney Greg December 2 2014 BNY Mellon Aims to Tap Data Science Talent In Silicon Valley Wall Street and Technology Archived from the original on January 6 2015 Retrieved January 15 2015 Alois JD November 27 2016 BNY Mellon s 8th Innovation Center Has Opened in Singapore Crowdfund Insider Retrieved January 26 2017 BNY Mellon Investment Management September 20 2017 BNY Mellon Investment Management Announces Sale of the CenterSquare Business to CenterSquare Management and Lovell Minnick Partners PR Newswire Retrieved September 20 2017 U S banks speed up with first new payment system in 40 years Reuters November 14 2017 Retrieved December 4 2023 Baer Justin Morris Keiko January 31 2018 Bank of New York Mellon Plans to Move Its Corporate Headquarters in Lower Manhattan The Wall Street Journal ISSN 0099 9660 Retrieved March 23 2019 GmbH finanzen net BNY Mellon To Move Headquarters For Second Time In Four Years Markets Insider Retrieved March 23 2019 BNY Mellon buys 101 Barclay for 352M Real Estate Weekly October 2 2018 Retrieved March 23 2019 BNY Mellon successfully onboards Liontrust to its new Investment Operations platform Finextra Research February 25 2020 Retrieved March 24 2020 Pershing Speeds Investors Transfers with Real Time Payments PYMNTS com January 19 2023 Retrieved November 25 2023 Corbin Kenneth October 4 2023 BNY Mellon s Pershing X Lands Major Client for New Advisor Tech Platform www barrons com Retrieved November 25 2023 Adams John June 29 2023 FedNow s first participants include large banks influential tech vendors American Banker Retrieved November 25 2023 Fleisher Christopher December 2 2014 Avoiding possible proxy fight BNY Mellon gives board seat to activist investor Trian Pittsburgh Tribune Review Retrieved January 15 2015 a b c d Bank Of New York Mellon Corp bloomberg com Bloomberg L P Retrieved January 15 2015 BNY Mellon Relocates Corporate Headquarters BNY Mellon July 25 2018 Retrieved July 30 2018 Jonsson Anette September 2 2009 BNY Mellon to expand HK presence with 50 new hires FinanceAsia Retrieved January 15 2015 BNY Mellon fundweb co uk Fundweb Retrieved January 15 2015 a b c Bank of New York Mellon Profile Yahoo Finance Retrieved August 19 2008 The Bank of New York Mellon Corporation PDF boyarresearch com Boyar s Intrinsic Value Research October 31 2014 Retrieved January 15 2015 Amjaroen Kingkarn June 30 2014 3 Definitive Reasons Why The Bank of New York Mellon Corporation Has Much More Potential to Rise The Motley Fool Retrieved January 15 2015 Invested Corporate Social Responsibility Report 2015 PDF BNY Mellon Retrieved July 27 2016 Case Ingrid September 27 2023 The Most Powerful Women in Finance No 8 Hanneke Smits BNY Mellon Investment Management American Banker Retrieved December 28 2023 Pershing LLC Company Profile biz yahoo com Yahoo Retrieved February 6 2015 Bank of New York s Pershing reorganizes top management Reuters March 6 2013 Retrieved February 6 2015 a b Milburn Robert November 29 2014 Quiet Giant Barron s Retrieved January 17 2015 Bray Chad July 17 2017 Bank of New York Mellon Hires Former Visa Head as C E O The New York Times ISSN 0362 4331 Retrieved July 24 2017 a b Mollenkamp Carrick Sidel Robin September 2 2011 BNY Mellon s New CEO Is Old Hand The Wall Street Journal ISSN 0099 9660 Retrieved January 15 2015 Gerald Hassell Profile Forbes Archived from the original on December 23 2014 Retrieved February 5 2015 This Goldman Sachs alum aims to reinvigorate a sleeping giant that safeguards 43 trillion in assets Business Insider August 31 2022 Form 8 K Exhibit 99 1 Press release Bank of New York Mellon Corp via SEC Edgar September 26 2016 Form 8 K Bank of New York Mellon Corp via SEC Edgar September 26 2016 Burns Hilary November 3 2014 From the financial crisis to the Sandusky scandal this one trait gave success to Karen Peetz of BNY Mellon BizWomen Retrieved January 15 2015 Taub Stephen May 28 2008 BNY Mellon Reshuffles Names Gibbons CFO CFO Retrieved February 5 2015 Baer Justin November 13 2017 CEO Scharf Names a CFO in Executive Shuffle at Bank of New York Mellon Fox Business Retrieved December 5 2018 Williamson Christine July 19 2018 BNY Mellon reports slip in AUM for quarter but gain for year Pensions amp Investments Retrieved December 5 2018 Stein Charles February 23 2016 BNY Mellon Says Vice Chairman Curtis Arledge to Leave Bank Bloomberg L P Retrieved April 30 2016 BNY Mellon names Brian Shea CEO of investment services Reuters June 25 2014 Retrieved January 15 2015 McDowell Hayley November 14 2017 BNY Mellon Investor Services head Shea departs amid major shake up Retrieved April 12 2018 Meet Our Board of Directors BNY Mellon Retrieved November 24 2023 Tascarella Patty August 12 2022 BNY Mellon sets stage for next CEO www bizjournals com Retrieved November 25 2023 Gell Adam February 5 2015 BNY Mellon elects former Deloitte CEO to board of directors HITC Retrieved February 5 2015 a b Schaeffer Julie November 2014 BNY Mellon s True Return on Investment Green Building and Design Retrieved January 22 2015 a b Pittsburgh Businesses On the Frontline of Corporate Social Responsibility WESA December 14 2014 Retrieved February 23 2015 a b Grgurich John June 14 2013 Goldman Sachs Defies Great Vampire Squid Label The Motley Fool Retrieved January 22 2015 Massello Melissa December 6 2014 Companies Where Millennials Thrive BNY Mellon PreparedU View Retrieved February 6 2015 Tascarella Patty October 24 2014 1M social innovation challenge launched by BNY Mellon foundation Pittsburgh Business Journal Retrieved January 18 2015 Bank of New York Mellon BNY Mellon Named to Climate A List by CDP www marketscreener com February 12 2019 Retrieved December 27 2023 a b BNY Mellon Fostering Global Inclusion and Multiculturalism catalyst org Catalyst June 9 2013 Retrieved January 15 2015 Masud Maha May 21 2013 Interview President of BNY Mellon Karen Peetz on Women s Leadership Americas Society Council of the Americas Masud Maha May 21 2013 Interview President of BNY Mellon Karen Peetz on Women s Leadership Council of the Americas Retrieved January 15 2015 Tascarella Patty November 28 2022 BNY Mellon hired veteran owned firms to participate in senior bank notes issuance www bizjournals com Retrieved December 27 2023 Sanchez Brent May 18 2022 The Empower 100 Future Leaders Role Models 2022 Yahoo Finance Retrieved December 27 2023 25 Most Influential Companies for Veteran Hiring Diversity Journal 2014 Archived from the original on February 27 2015 Retrieved January 15 2015 NGLCC names top financial services firms for diversity practices Affinity Inc Magazine July 23 2014 Retrieved January 15 2015 Milligan Jack September 11 2014 How One Large Bank Fosters Innovation BankDirector com Retrieved January 22 2015 Kyriakou Simoney February 1 2022 Women could bring trillions into investments www ftadviser com Retrieved December 28 2023 Mollenkamp Carrick October 5 2011 US and New York Sue BNY Mellon The Wall Street Journal ISSN 0099 9660 Retrieved October 8 2011 King World News Interview Barry Markopolos King World News Archived from the original on October 10 2011 Retrieved October 8 2011 Gara Antoine March 19 2015 Bank Of New York Mellon Settles Misrepresentation Claims For 714 Million Forbes Retrieved March 24 2015 BNY Mellon to pay 180 million to settle foreign exchange lawsuit Business Insider Reuters Retrieved March 23 2019 Baert Rick January 11 2016 BNY Mellon faces lawsuit claiming FX transaction overcharges on ADRs Pensions amp Investments Retrieved March 23 2019 Law Jacklyn Wille Bloomberg BNY Mellon Sued Again Over Foreign Currency Transactions biglawbusiness com Retrieved March 23 2019 Wille Jacklyn BNY Mellon to Pay 12 5M in Foreign Currency Exchange Suit news bloomberglaw com Retrieved March 23 2019 Bank of New York Mellon Investigated for Lost Data Tape www bankinfosecurity com Retrieved March 23 2019 Connecticut widens probe into BNY Mellon data breach Reuters May 23 2008 Retrieved March 23 2019 Bank of NY Mellon data breach now affects 12 5 mln Reuters August 28 2008 Retrieved March 23 2019 Bank of NY Mellon Breach Much Bigger than First Announced www bankinfosecurity com Retrieved March 23 2019 Egan Matt August 31 2015 A big bank s glitch adds to confusion on Wall Street CNNMoney Retrieved March 23 2019 Update 2 BNY Mellon pricing glitch affects billions of dollars of funds Reuters August 26 2015 Retrieved March 23 2019 BNY Mellon to Pay 3M to Settle Probe of System Outage American Banker March 22 2016 Retrieved March 23 2019 a b BNY Mellon s payment woes its second big tech glitch in 18 months Reuters December 8 2016 Retrieved March 23 2019 Tempey Nathan Report More Than Half The City s Privately Owned Allegedly Public Spaces Aren t Playing By The Rules Gothamist Archived from the original on March 23 2019 Retrieved March 23 2019 Landa Marjorie April 18 2017 Audit Report on the City s Oversight over Privately Owned Public Spaces PDF comptroller nyc gov Retrieved March 23 2019 Tribeca Citizen BNY Mellon s Lobby Is Finally Open to the Public Tribeca Citizen Retrieved March 23 2019 NYC Capital Planning Platform NYC Capital Planning Platform Retrieved March 23 2019 City of New York Community Board 1 Resolution 26 January 2021 PDF Manhattan Community Board 1 City of New York Retrieved August 19 2021 BNY Mellon to pay 14 8 million to settle intern bribery probe Reuters August 18 2015 Retrieved March 23 2019 Yan Sophia August 18 2015 BNY Mellon pays 15 million to settle intern probe CNNMoney Retrieved March 23 2019 SEC gov SEC Charges BNY Mellon With FCPA Violations www sec gov Retrieved March 23 2019 Bank BNY Mellon bans staff from working at home Evening Standard March 6 2019 Retrieved March 23 2019 BNY Mellon rethinking decision to yank work from home option after outcry Pittsburgh Post Gazette Retrieved March 23 2019 BNY Mellon shelves tighter work at home rules after staff uproar American Banker March 8 2019 Retrieved March 23 2019 Russia sues Bank of New York for 22 5 bln usd Forbes com May 17 2007 Archived from the original on December 2 2008 Retrieved January 7 2009 Parloff Roger September 22 2009 Russia settles suit against U S bank for a pittance CNN Retrieved May 27 2011 BNY Mellon Reaches 34 Million Settlement With South Carolina Relating to Securities Lending Litigation Global Custodian Retrieved March 23 2019 Woehr Maria January 27 2011 South Carolina Sues BNY Mellon TheStreet Retrieved March 23 2019 BNY Mellon settles Sigma lawsuit for 280 million Reuters July 6 2012 Retrieved March 23 2019 BNY Mellon to Pay More Than 54 Million for Improper Handling of ADRs sec org December 17 2018 Retrieved December 13 2019 BNY Mellon to pay more than 54 million for improper handling of ADRs SEC Reuters December 17 2018 Retrieved December 13 2019 Fourth Quarter 2014 Financial Highlights PDF bnymellon com The Bank of New York Mellon January 23 2015 pp 19 27 Retrieved January 15 2015 McLaughlin Tim January 23 2015 BNY Mellon State Street get profit boost from forex trading Reuters Retrieved January 23 2015 Manning Margie January 7 2015 3 reasons BNY Mellon keeps growing in Tampa Tampa Bay Business Journal Retrieved January 17 2015 Fortune 500 Companies 2018 Who Made the List Fortune Archived from the original on May 2 2019 Retrieved November 22 2018 Dullforce Annebritt June 27 2014 FT 500 2014 Financial Times Retrieved January 17 2015 Cunningham Andrew November 13 2014 World s Safest Banks 2014 Global Finance Retrieved January 17 2015 Cunningham Andrew October 1 2013 World s Safest Banks 2013 Global Finance Retrieved January 17 2015 Wallace Paul March 2 2014 The Top 500 Banking Brands 2014 The Banker Retrieved January 17 2015 Invested An Interview With Bny Mellon Corporate Social Responsiblity sic Director John Buckley JustMeans June 6 2014 Retrieved January 15 2015 Clancy Heather September 11 2014 The 2014 Dow Jones Sustainability Index Abbott to Woolworths GreenBiz Retrieved January 15 2015 Stocks to Track National Oilwell Varco NOV SunTrust Banks STI Bank of New York Mellon BK Apache APA Techsonian September 14 2015 Retrieved October 21 2015 Dow Jones Sustainability Indices PDF September 19 2016 Archived from the original PDF on December 20 2016 Retrieved December 18 2016 Investor Relations BNY Mellon Retrieved April 20 2018 a b c BNY Mellon Banks On Expanded Sponsorship Portfolio IEG SR September 16 2013 Retrieved January 22 2015 Long Michael February 9 2012 BNY Mellon names historic Boat Race SportsPro Retrieved January 22 2015 Boat Race sponsors donate sponsorship to Cancer Research UK UK Fundraising fundraising co uk Retrieved November 4 2017 Long Michael September 11 2013 BNY Mellon partners 49ers Levi s Stadium SportsPro Retrieved January 22 2015 BNY Mellon rows to the Balding beat with the boat race London Evening Standard April 2 2013 Retrieved January 22 2015 External links editOfficial website Business data for The Bank of New York Mellon GoogleSEC filingsYahoo Pershing LLC a subsidiary of The Bank of New York Mellon Corporation 225th Anniversary Commemorative Video iNautix Technologies a subsidiary of The Bank of New York Mellon New York Life Insurance and Trust Company Records permanent dead link at Baker Library Historical Collections Harvard Business School Retrieved from https en wikipedia org w index php title BNY Mellon amp oldid 1205907551, wikipedia, 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