Bank of New York Mellon

From Wikipedia, the free encyclopedia

The Bank of New York Mellon

Type	Public (NYSE: BK)
Founded	2007^[1]
Headquarters	New York City^[2]
Key people	Tom Renyi, Executive Chairman^[3] Robert P. Kelly, CEO^[4] Gerald Hassell, President^[5]
Industry	Financial services
Products	Banking
Employees	40,000^[1]
Website	www.bnymellon.com

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.^[6] The company employs 40,000 staff worldwide and has over US $1 trillion in assets under management and in excess of $20 trillion in assets under custody and administration.^[1] 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.^[7]

1 History
2 See also
3 Notes
4 External links

[edit] History

[edit] Bank of New York

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

The Bank of New York was founded by Alexander Hamilton on 9 June 1784, in the old Walton Mansion in New York City.^[8]^[9]^[10] The President of the new bank was former Major General Alexander McDougall, with William Winston Seaton as the Chief Cashier.^[10] 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.^[11] When the bank had been founded in 1784, it had been established by a series of documents drawn up by Alexander Hamilton.^[10] It wasn't until 2 May 1791 that the Bank was able to procure a charter.^[10]

The charter was renewed several times up until the era of free banking, when in 1852, it was officially recognized under Banking Law as a bank having a capital of $2,000,000.^[10] 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.^[10]

Up though the early 1900s, the Bank of New York continued to expand and prosper.^[9] In July of 1922, the Bank of New York and the New York Life Insurance and Trust Company merged.^[12] Because of the wise policies adopted by the management of the Bank, the firm managed to come through the Great Depression strengthened financially.^[9] 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.^[9] That same year, 1966, the Bank of New York opened offices in London.^[9] The addition of the London office, was instrumental in the establishment of the Bank on the international level.^[9] The bank's holding company was created in 1969.^[9] It was instrumental in the growth and expansion of the Bank of New York, outside of New York City.^[9]

[edit] Mellon Financial

"T. Mellon & Son's Bank," as Mellon Financial was originally called, was founded in Pittsburgh, Pennsylvania.^[13] The bank was established in 1869 by the retired Judge Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon^[13] Alcoa, Westinghouse, and Bethlehem Steel amongst other industrial firms, were a few of the companies T. Mellon & Son's financed.^[14] The former Oil company, Gulf Oil, was considered to be one T. Mellon & Son's most successful financial investments.^[15] The former Judge Thomas Mellon decided to retire from the firm as President in 1886 to be succeeded by his son, Andrew.^[16]

In 1902, T. Mellon & Son's name was changed to that of the Mellon National Bank.^[14] The firm merged with the Union Trust Company in 1946, a business founded by Andrew Mellon.^[17] The name of the newly formed organization was the Mellon National Bank and Trust Company, Pittsburgh's first $1 billion bank.^[17]

[edit] Bank of New York/Mellon Merger

Talks of a merger began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation.^[18] The $16.5 billion deal was finalized on the 1 July 2007, with Kelly as the Chief Executive Officer (CEO) of the new company, and Renyi as Executive Chairman.^[18]^[19] Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, and eight by Mellon.^[20]. The Bank of New York Mellon launched its new brand identity on 1 October 2007.