Financial services are economic services tied to finance provided by financial institutions . Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance .
76-571: BNY Pershing The Bank of New York Mellon Corporation , commonly known as BNY , is an American international financial services company headquartered in New York City . It was formed in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation . Through the lineage of Bank of New York, which was founded in 1784 by a group that included American Founding Father Alexander Hamilton , BNY
152-886: A macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in
228-589: A systemically important financial institution by the Financial Stability Board . BNY provides a wide range of financial services, including asset management, custody and securities services, government finance services, and pension plan management. The company serves diverse clients, including corporations, institutions, and individuals, offering financial expertise and technological platforms to support their objectives. The company's key subsidiaries include BNY Investments , BNY Pershing, and BNY Wealth. It
304-479: A $ 500 million debt offering. Additionally, the company increased its minimum wage for U.S.-based employees by 12.5%, raising the hourly rate from $ 20.00 to $ 22.50, and expanded its mental health resources. In June 2024, BNY Mellon announced an update to its logo and a simplification of its corporate brand to BNY. As part of this rebranding, BNY Mellon Investment Management was renamed BNY Investments, BNY Mellon Wealth Management became BNY Wealth, and BNY Mellon Pershing
380-419: 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. The bank operated without a charter for seven years. 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,
456-481: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up
532-582: A chain of forty-eight offices in many different sections of New York City, with resources of $ 300,000,000. It also absorbed, in succession, the Bank of Long Island, the Bank of the Metropolis, and the Merchants' National Bank of New York on March 1, 1920, effective March 27, 1920. Merchants' then president, Raymond E. Jones, became vice president and second in command of the combined institutions. Coincidentally, Merchants' National had been chartered in 1804 through
608-592: 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. 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. The bank helped finance both
684-526: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City
760-677: A stronger footing in Eastern European markets. In 2003, Bank of New York acquired Pershing LLC , the stock clearing unit of Credit Suisse First Boston for $ 2 Billion. The Pershing acquisition made BNY the nation’s largest clearing firm for stock trades. EMAT and the wealth management firm Lockwood Financial Partners , which was originally formed as Lockwood Advisors in 1995, based in Malvern, Pennsylvania , specialised in providing independent financial investment advisory services to brokers of high-net-worth individuals , and went on to become one of
836-656: A variety of investment solutions, middle and back office support, data insights and business consulting to clients in the wealth and institutional segments. BNY’s Wealth business handles the private banking, estate planning, family office services, and investment servicing and management of high-net-worth individuals and families. 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. As of 2014, it ranks 7th among wealth management businesses in
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#1732851961825912-573: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,
988-627: A worsening economic situation. 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. In August 2009, BNY Mellon purchased Insight Investment , a management business, from Lloyds Banking Group . The company acquired PNC Financial Services ' Global Investment Servicing Inc. in July 2010 and Talon Asset Management's wealth management business in 2011. By 2013,
1064-684: Is an international financial services company that helps clients manage, move and safekeep their assets across the entire financial lifecycle. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. BNY also supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard assets for individuals. BNY had $ 45.7 trillion in assets under custody and $ 1.8 trillion in assets under management as of September 2023. Those figures rose to $ 49.5 trillion in assets under custody and/or $ 2.0 trillion in assets under management by June 2024. The financial services offered by
1140-579: Is regarded as one of the three oldest banks in the United States and among the oldest in the world . It was the first company listed on the New York Stock Exchange . In 2024, it was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue. As of 2024, it is the 13th-largest bank in the United States by total assets and the 84th-largest in the world . BNY is considered
1216-775: Is the United Kingdom , which had $ 95 billion of financial exports in 2014. The UK's position is helped by both unique institutions (such as Lloyd's of London for insurance, the Baltic Exchange for shipping etc.) and an environment that attracts foreign firms; many international corporations have global or regional headquarters in the London and are listed on the London Stock Exchange , and many banks and other financial institutions operate there or in Edinburgh . Bank of
1292-593: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for
1368-494: Is the world's largest custodian bank and securities services company; as of September 2024, it has $ 2.1 trillion in assets under management and $ 52.1 trillion in assets under custody and administration, making it the first bank to surpass $ 50 trillion. BNY has been named among Fortune ' s World's Most Admired Companies. The first bank in the U.S. was the Bank of North America in Philadelphia, which
1444-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to
1520-627: The Great Depression , and its total deposits increased during the decade. 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. The bank's holding company was created in 1969. In 1988, the Bank of New York merged with Irving Bank Corporation after a year-long takeover bid by Bank of New York. Irving had been headquartered at 1 Wall Street and after
1596-527: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of
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#17328519618251672-786: The War of 1812 and the Union Army during the American Civil War . Following the Civil War, the bank loaned money to many major infrastructure projects, including utilities, railroads, and the New York City Subway . Through the early 20th century, the Bank of New York continued to expand and prosper. In July 1922, the bank merged with the New York Life Insurance and Trust Company. The bank continued to profit and pay dividends throughout
1748-574: The Bank of Manhattan Trust Company, the International Acceptance Bank, and the International Manhattan Company. At that time, Baker also became president of the Bank of Manhattan Trust Company, which he later relinquished to Goodhue on December 10, 1931, to enable Baker to devote more time to the affairs of the Manhattan Company. In February 1932, following the death of Paul Warburg on January 24, 1932, J. Stewart Baker
1824-462: The Bank of the Manhattan Company reported total deposits of $ 505,477,944 and total assets of $ 612,951,711, compared, respectively, with $ 504,800,925 and $ 566,271,489 on December 31, 1937. In December 1948, Goodhue retired as president of the combined bank and was succeeded by Lawrence C. Marshall , who served as president of the bank until 1955. The bank merged with Chase National Bank in 1955 to become Chase Manhattan . In 1996, Chase Manhattan
1900-521: The Dreyfus Corporation, bringing its mutual funds under its umbrella. 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 . On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced they would merge. The merger created the world's largest securities servicing company and one of
1976-599: The Manhattan Company The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank . It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co . The Manhattan Company was formed in 1799 with the ostensible purpose of providing clean water to Lower Manhattan . However,
2052-651: The Manhattan Company began business on September 1, 1799, in a house at 40 Wall Street . Its first board of directors members were Daniel Ludlow, John Watts , John Barker Church , Brockholst Livingston , William Edgar, William Laight, Paschal N. Smith, Samuel Osgood , John Stevens , John Broome , John B. Coles, and Aaron Burr. Among its original stockholders were such men as Nicholas Fish , John Delafield , John Jacob Astor , Richard Varick , Stephen Van Rensselaer , Rev. John Rodgers , Joshua Sands , Peter Stuyvesant , George Clinton , Israel Disosway , John Slidell , Henry Rutgers , and Daniel Phoenix . In July 1800,
2128-407: The Manhattan Company shareholders own the stock of the International Acceptance Bank, leading its owners to receive shares of the Bank of the Manhattan Company "in an amount that will make it one of the most important factors in that organization." In March 1929, the shareholders of the Bank of the Manhattan Company approved its plan to increase capital from $ 16,000,000 to $ 22,500,000 to acquire all
2204-557: The Manhattan Company. The business of the International Acceptance Trust Company was taken over by the Bank of the Manhattan Company. At the same time, the two banks created the International Manhattan Company, Inc. with Warburg's son, James Warburg , as president of the new company which succeeded to the foreign securities business of the International Acceptance Bank, Inc. All of the stock of
2280-557: 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 . The Bank of New York was the first company to be traded on the New York Stock Exchange when it first opened in 1792. In 1796, the bank moved to a location at the corner of Wall Street and William Street , which would later become 48 Wall Street . The bank had
2356-492: The United States. 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. Hassell had been Chairman and CEO since 2011, after serving as BNY Mellon's president from 2007 to 2012 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. Robin A. Vince
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2432-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector
2508-415: The assignment, which included handling accounting and record-keeping for the program, through a bidding process. In November 2008, the company announced that it would lay-off 1,800 employees, or 4% of its global workforce, due to the 2007–2008 financial crisis . 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
2584-449: The bank as the "first teller" in 1840, served as president until ill health forced him to resign in the latter part of 1879. Morrison was succeeded by John S. Harberger , who had begun working for the bank in 1857 as assistant cashier. Harberger died of malarial fever a year later in October 1880. In October 1880, William Henry Smith of the dry goods house of William H. Smith & Co.
2660-487: The bank having sixty-one offices throughout New York City. In December 1928, the 129-year-old Bank of the Manhattan Company announced a joint affiliation with the International Acceptance Bank (and its subsidiary, the International Acceptance Trust Company), which had been organized in 1921 by Paul Warburg . The plan was for each institution to retain their present identities, but have the Bank of
2736-460: The bank paid a $ 14 million settlement to the Russian government concerning the money laundering activities of a rogue employee in the 1990s. This scandal has been sometimes called Russiagate. 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. Mellon Financial
2812-428: The bank started building a new IT system called NEXEN . NEXEN uses open source technology and includes components such as an API store, data analytics, and a cloud computing environment. In May 2014, BNY Mellon sold its 1 Wall Street headquarters, and in 2015, moved into leased space at Brookfield Place . In June 2014, the company combined its global markets, global collateral services and prime services to create
2888-465: The bank started paying dividends, and in 1808, the company sold its waterworks to the city, pocketing $ 1.9 million and turning completely to banking. Even so, it identified as a water company as late as 1899. The company maintained a Water Committee which yearly assured, quite truthfully, that no requests for water service had been denied, and moreover conducted its meetings with a pitcher of the water at hand to ensure quality. In 1825, John Gerard Coster
2964-594: The bank's name changing to Mellon Bank, N.A. and the formation of a holding company, Mellon National Corporation. Mellon Bank acquired multiple banks and financial institutions in Pennsylvania during the 1980s and 1990s. In 1992, Mellon acquired 54 branch offices of Philadelphia Savings Fund Society , the first savings bank in the United States, founded in 1819. In 1993, Mellon acquired The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation. The following year, Mellon merged with
3040-508: The business include asset servicing, alternative investment services, broker-dealer services, corporate trust services and treasury services . Other offerings include global collateral services, foreign exchange , securities lending , middle and back office outsourcing, and depository receipts . The bank's clients include a significant portion of Fortune 500 companies, top endowments, pension and employee benefit funds, life and health insurance companies, and leading universities. In 2014,
3116-499: The city, Aaron Burr founded the company and successfully gained banking privileges through a clause in its charter granted to it by the state that allowed it to use surplus capital for banking transactions. The company raised $ 2 million, used one hundred thousand dollars for building a water supply system, and used the rest to start the bank. The company apparently did a poor job of supplying water, using hollowed out tree trunks for pipes and digging wells in congested areas where there
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3192-772: The company established the Markets Group, providing services in collateral management , securities finance, foreign exchange and capital markets . This group is now known as BNY Markets. BNY Investments is an asset management group that manages nearly $ 2 trillion in assets. It provides investment solutions through its specialist firms, which include ARX Investimentos, Dreyfus, Insight Investment , Mellon Investments Corporation, Newton Investment Management , Siguler Guff & Company, and Walter Scott & Partners . Each firm operates with its distinct approach to investment management across various asset classes. BNY Pershing provides clearing and custody, trading and settlement services,
3268-477: 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. It was also a top performer on the same test in 2014. BNY Mellon began a marketing campaign in 2013 to increase awareness of the company that included a new slogan and logo. In 2013,
3344-588: The efforts of Alexander Hamilton as a rival to the Manhattan Company, launched by Aaron Burr. In 1923, it moved its headquarters briefly to the Prudence Building and then in May 1929, construction began on what was briefly the tallest building in the world, at 40 Wall Street (known as the Bank of Manhattan Trust Building ) on the site of the Gallatin Bank Building , from April 1930 until May 1930 when it
3420-508: The first new payment clearance and settlement system for the US in over 40 years. 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 . BNY Mellon had owned
3496-894: The former East Germany , Poland , Romania , and Bulgaria and travelled extensively to capital cities in the former Soviet Union or the CIS to assist new bankers especially in Russia to where he travelled for his first time in 1990, Ukraine , Latvia , Georgia , Armenia , Turkmenistan , and Kazakhstan . Bank of New York had correspondent accounts for several Russian banks including Inkombank ( Russian : Инкомбанк ), Menatep ( Russian : «Менатеп» ), Tokobank ( Russian : Токобанк ), Tveruniversalbank ( Russian : Тверьуниверсалбанк ), Alfa-Bank ( Russian : Альфа-банк ), Sobinbank ( Russian : Собинбанк ), Moscow International Bank ( Russian : Московский международный банк ) and others. In October 2002, Bank of New York entered into an alliance with ING to gain
3572-600: 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. Its first offices were in the old Walton Mansion in New York City. In 1787, it moved to a site on Hanover Square that the New York Cotton Exchange later moved into. The bank provided
3648-525: The group's American and global headquarters relocated to 225 Liberty Street , as the former 1 Wall Street building was sold in 2014. 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). The group's EMEA headquarters are located in London and its Asia-Pacific headquarters are located in Hong Kong . BNY
3724-399: 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. The companies anticipated saving about $ 700 million in costs and cutting around 3,900 jobs, mostly by attrition. The deal was valued at $ 16.5 billion and under its terms, the Bank of New York's shareholders received 0.9434 shares in
3800-696: The largest independent advisory companies in the United States before both firms were sold to the Bank of New York (BoNY) in 2002, while Gerald L Hassell was president of BoNY, that folded Lockwood and Pershing LLC into the BNY Securities Group under the Pershing umbrella in October 2003 with Joseph M. Velli heading the BoNY Securities Group which would allow BoNY to compete against U.S. Trust, J.P. Morgan Chase, as well as those more brokerage-oriented organizations for private banking clients. In 2005,
3876-469: The main interest of the company was not in the supply of water, but rather in becoming a part of the banking industry in New York. At that time, the banking industry was monopolized by Alexander Hamilton's Bank of New York and the New York branch of the First Bank of the United States . "To circumvent the opposition of Hamilton to the establishment of a bank," and following an epidemic of yellow fever in
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#17328519618253952-589: The merger, this became the headquarters of the Bank of New York on July 20, 1988. From 1993 to 1998, the bank made 33 acquisitions, including acquiring JP Morgan's Global Custody Business in 1995. Ivy Asset Management was acquired in 2000. In the 1990s, Vladimir Kirillovich Golitsyn or "Mickey" Galitzine established and headed the Eastern European Department at the Bank of New York until 1992 and hired many Russians. He mentored many new bankers in Hungary ,
4028-554: The new Markets Group, also known as BNY Markets Mellon. The company expanded its Hong Kong office in October 2014 as part of the company's plans to grow its wealth management business. 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 . In September 2017, BNY Mellon announced that it agreed to sell CenterSquare Investment Management to its management team and
4104-411: 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. 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 . The merger was finalized on July 1, 2007. The company's principal office of business
4180-402: The new corporation was held by International Acceptance and the Bank of the Manhattan Company. In December 1929, the name Bank of the Manhattan Company was abandoned and the firm was transformed into a holding corporation under the name Manhattan Company while also increasing its capital to $ 40,000,000 to allow for further acquisitions. The new holding company owned the entire capital stock of
4256-575: The next head of BNY Investments and BNY Wealth. As of 2024, 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. Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at
4332-731: 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. In February 2020, Mellon announced that it has successfully onboarded Liontrust Asset Management to its new Investment Operations platform. In early 2023, BNY Mellon’s Pershing unit announced the addition of real-time payments to its investor portal. In June 2023, BNY Mellon's Pershing X launched wealth management platform Wove. In July 2023, BNY Mellon became an early adopter of Federal Reserve ’s instant payment rail, FedNow. That same year, BNY made history by selecting minority-, veteran-, and woman-owned firms as bookrunners for
4408-443: 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. 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
4484-434: The same capital, $ 56,816,466. For some time the officers and directors of the Manhattan Company group have recognized that public opinion no longer favors the affiliation of a banking institution with other companies, and that conditions have so changed since 1929 that many of the advantages which at that time were inherent in the affiliation of various companies through a holding company have disappeared. By March 31, 1938,
4560-407: The stock of the International Acceptance Bank, Inc. After completion, J. Stewart Baker remained president of the Bank of the Manhattan Company and became vice chairman of the board of International Acceptance. Warburg became associate chairman of the board of the Bank of Manhattan and F. Abott Goodhue remained as president of International Acceptance and became a member of the board of the Bank of
4636-407: The various banking institutions which it controlled. The New York Title and Mortgage Company was distributed to shareholders through a holding company, and the International Acceptance Bank, Inc. was merged into the Bank of Manhattan Trust Company, with that entity then being absorbed by the Manhattan Company. The banking business was then continued under the name Bank of the Manhattan Company and had
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#17328519618254712-817: Was again succeeded by his son. In 1928, the Company increased its capital from $ 12,500,000 to $ 15,000,000 in connection with its acquisition of the Flushing National Bank , the Bayside National Bank , the Queens-Bellaire Bank , and the First National Bank of Whitestone . Later that year, it again increased its capital to $ 16,000,000 when it acquired the Bronx Borough Bank , and the First National Bank of Brooklyn . The acquisitions led to
4788-437: Was appointed president and CEO in August 2022, succeeding Gibbons. Upon his appointment, Robin Vince also became a member of the company’s board of directors. 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. Thomas Gibbons served as CFO between 2008 and 2017, when he also served as vice chairman. In 2017, Gibbons
4864-551: Was appointed president of the company. He was succeeded by Maltby Gelston in 1829. Gelston, a former member of the New York State Assembly , was the son of Collector David Gelston and the father of Mary Gelston, who married Henry Rogers Winthrop (father of Buchanan Winthrop ). In 1847, Caleb O. Halsted , a cloth merchant from Elizabeth, New Jersey , was made president of the bank. Halsted succeeded Jonathan Thompson , who had been made president in 1840. Before he
4940-554: Was changed to the Mellon National Bank. 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. The bank formed the first dedicated family office in the United States in 1971. A reorganization in 1972 led to
5016-573: Was chartered by the Continental Congress in 1781; Alexander Hamilton , Thomas Jefferson and Benjamin Franklin were among its founding shareholders. In February 1784, The Massachusetts Bank in Boston was chartered. 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
5092-506: Was elected successor chairman of the board of the Manhattan Company, Warburg's son James succeeded to Baker's vice chairman role (after recently becoming president of the International Acceptance Bank) and Goodhue was elected successor chairman of the International Acceptance Bank. In October 1932, the directors of the Manhattan Company restored the company to its old status as a bank, absorbing or distributing to shareholders
5168-506: Was elected to succeed Harberger as president of the Bank of the Manhattan Company. By 1885, Smith had retired from the company but remained interested in the affairs of the LaFarge Decorative Arts Company . In 1891, the board of directors of the Bank of Manhattan Trust Company elected Stephen Baker vice president. Baker, a son of former U.S. Representative Stephen Baker and protégé of financier John Stewart Kennedy ,
5244-586: 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 . 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 . Both Gulf Oil and Alcoa are, according to the financial media, considered to be T. Mellon & Sons' most successful financial investments. In 1902, T. Mellon & Sons' name
5320-598: Was located at the One Wall Street office previously held by the Bank of New York. 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. In October 2008, the U.S. Treasury named BNY Mellon the master custodian of the Troubled Asset Relief Program (TARP) bailout fund during the 2007–2008 financial crisis . BNY Mellon won
5396-615: Was president, Thompson had served nine years as the Collector of the Port of New York having been appointed by President James Monroe and also serving under John Quincy Adams . In 1853, the Manhattan Company became one of the original 52 members of the New York Clearing House Association. In 1860, the board of directors promoted James M. Morrison as president of the bank to succeed Halsted. Morrison, who had begun working for
5472-459: Was replaced as CFO by Michael P. Santomassimo. BNY Mellon's Investment Management business is run by CEO Mitchell Harris, and the company's Investment Services business was led by Brian Shea until his retirement in December 2017. In 2020, Hanneke Smits became CEO of BNY Mellon Investment Management. In July 2024, BNY announced that Hanneke Smits would retire at the end of 2024, with Jose Minaya to become
5548-589: Was shortened to BNY Pershing. BNY offers technology, services and expertise across its platforms to support clients on a global scale, helping them create, administer, manage, transact, distribute and optimize their assets. BNY’s businesses include BNY Investments, BNY Wealth and BNY Pershing. BNY operates in 35 countries in the Americas , Europe, the Middle East and Africa (EMEA), and Asia-Pacific . The company employed 53,400 people As of December 2023. In October 2015,
5624-497: Was surpassed by the Chrysler Building . In 1927, after thirty-four years as president, and an increase from one branch to a network with forty-eight branches and an increase in deposits to $ 300,000,000, Baker turned the presidency and a considerable stock ownership over to his son, J. Stewart Baker , who had just turned thirty-four. The elder Baker served as chairman of the board until 1932 when he became honorary chairman and
5700-469: Was the danger of raw sewage mixing with the water. After a multitude of cholera epidemics, a water system was finally established with the construction between 1837 and 1842 of the Croton Aqueduct . On April 17, 1799, the Manhattan Company appointed a committee "to consider the most proper means of employing the capital of the Company" and elected to open an office of discount and deposit. The "Bank" of
5776-522: Was the grandson of Stephen Baker , a prominent New York merchant who was one of the original stockholders of the Manhattan Company. Two years later, in 1893, Baker was elected president at the age of only 34, succeeding John Stewart Kennedy who served as president pro tem for a few months following the resignation of D. C. Hays. During his tenure as president, the bank expanded from its single original office at 40 Wall Street, opened in September 1799, to
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