Ethan Riley
The Bank of New York Mellon Corporation, commonly referred to as BNY Mellon, is an American international financial services company that was founded in 2007 through the merger of the Bank of New York and Mellon Financial Corporation. BNY Mellon is one of the oldest banks in the world and provides a range of services including investment and wealth management, foreign exchange, securities finance, and capital markets. The bank serves clients including advisors, banks, and consultants worldwide and has been ranked among the largest banks in the United States by total assets.
| Characteristics | Values |
|---|---|
| Full Name | The Bank of New York Mellon Corporation |
| Common Name | BNY Mellon |
| Type | Investment company |
| Services | Investment and wealth management, foreign exchange, securities finance, capital markets, brokerage, asset, and estate planning services |
| Serves | Advisors, banks, and consultants worldwide |
| Founding Date | 1784 |
| Founder | Alexander Hamilton |
| Current Form Established | July 2007 |
| Merger | Bank of New York and Mellon Financial Corporation |
| Deal Value | $16.5 billion |
| Principal Office Location | One Wall Street |
| Master Custodian | Troubled Asset Relief Program (TARP) bailout fund |
| Ranking | 130th on the Fortune 500 list of largest U.S. corporations by total revenue (2024) |
| Position | 13th-largest bank in the U.S. by total assets (2024) |
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What You'll Learn
History and Founding
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 founded in its current form in July 2007 through the merger of the Bank of New York and the Mellon Financial Corporation. BNY claims to be the longest-running bank in the United States, although this claim is sometimes disputed.
The Bank of New York was founded in 1784 by a group that included Alexander Hamilton, and is regarded as one of the three oldest banks in the country and among the oldest in the world. It was the first company listed on the New York Stock Exchange. The bank remained independent until its merger with Mellon, acquiring other companies along the way. 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, marking its exit from retail banking.
Mellon Financial was founded as T. Mellon & Sons' Bank in Pittsburgh, Pennsylvania, in 1869 by retired judge Thomas Mellon and his sons Andrew and Richard. The bank invested in and helped establish numerous industrial firms in the late 1800s and early 1900s, including Alcoa, Westinghouse, Gulf Oil, General Motors, and Bethlehem Steel. In 1902, the name was changed to the Mellon National Bank. Over the years, Mellon acquired multiple banks and financial institutions, expanding its reach. In 1993, Mellon acquired The Boston Company from American Express, and in 1999, Mellon Bank Corporation became Mellon Financial Corporation.
On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced their merger, creating the world's largest securities servicing company and one of the largest asset management firms. The merger combined Mellon's wealth management expertise with the Bank of New York's asset-servicing and short-term lending strengths. The deal, valued at $16.5 billion, was finalised on July 1, 2007, with the full name becoming The Bank of New York Mellon Corp. The BNY Mellon brand name is used for most lines of business. Today, BNY Mellon is the 13th-largest bank in the United States and 83rd-largest in the world by total assets, and it continues to be a significant player in the global financial industry.
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Mergers and Acquisitions
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 through the merger of the Bank of New York and Mellon Financial Corporation.
The Bank of New York, founded in 1784, is considered one of the oldest banks in the United States. Over the years, it has acquired various companies, including J.P. Morgan Chase's corporate trust assets in 2006, marking its exit from retail banking.
Mellon Financial, founded in 1869 as T. Mellon & Sons' Bank, has a history of investing in and founding industrial firms. In 1993, Mellon acquired The Boston Company and AFCO Credit Corporation. The following year, it merged with the Dreyfus Corporation, bringing mutual funds under its umbrella.
The merger of the Bank of New York and Mellon Financial Corporation was announced on December 4, 2006. The combined company, with a market capitalization of approximately $43 billion, became the world's largest securities servicing and asset management firm. The merger aimed to create synergies by combining Mellon's wealth management expertise with the Bank of New York's asset-servicing and short-term lending strengths. The deal was valued at $16.5 billion, and the companies anticipated significant cost savings and job cuts.
Under the terms of the agreement, shareholders of both institutions received shares in the new company, with the Bank of New York shareholders receiving 0.9434 shares for each share they owned, and Mellon shareholders receiving one share for each Mellon share. The merger was finalized on July 1, 2007, with the full name becoming The Bank of New York Mellon Corp. and BNY Mellon as the brand name.
In October 2008, during the financial crisis, BNY Mellon was named the master custodian of the Troubled Asset Relief Program (TARP) bailout fund. The company has continued to expand and evolve, with various sponsorships and headquarters relocations, solidifying its position as a significant player in the financial industry.
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Services and Operations
The Bank of New York Mellon Corporation, commonly referred to as BNY, is an American international financial services company. BNY offers a wide range of services and operations to its clients, including:
Investment Solutions
BNY offers investment solutions through its specialist firms, including ARX Investimentos, Dreyfus, Insight Investment, Mellon Investments Corporation, Newton Investment Management, Siguler Guff & Company, and Walter Scott & Partners. These firms provide expertise in various asset classes, helping clients create, manage, and optimise their investments.
Wealth Management
BNY's wealth management services include private banking, wealth and estate planning, family office services, and information management. They cater to individuals, families, and non-profit organisations, providing tailored advice and solutions to preserve and grow their wealth.
Securities and Asset Services
The bank provides securities services, such as global collateral services, securities lending, and depository receipts. They also manage and service assets for their clients, including financial institutions, corporations, and individual investors. BNY's asset servicing offerings include custody, corporate trust, foreign exchange, securities finance, clearing, and collateral management.
Corporate Services
BNY also caters to corporate clients, offering services such as corporate treasury, derivatives and trading, leasing activities, corporate insurance, and business exits. They also support renewable energy investments and provide solutions to simplify and scale business operations, including integrated public and private credit solutions.
Global Presence
With operations in 35 countries across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, BNY serves a diverse range of clients, including Fortune 500 companies, top endowments, pension funds, insurance companies, and leading universities.
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Rankings and Recognition
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 founded in 1784 by a group that included Alexander Hamilton and is regarded as one of the three oldest banks in the United States and among the oldest in the world.
The Bank of New York Mellon has received numerous accolades and recognition for its performance and impact in the financial industry. Here are some notable rankings and awards received by the bank:
- BNY Mellon was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue in 2024. This ranking also placed them as the oldest company on the list, showcasing their longstanding presence in the industry.
- In 2023, BNY Mellon was named one of the "World's Most Admired Companies" by Fortune for the 26th time, demonstrating consistent recognition from their peers and the industry.
- JUST Capital and CNBC recognised BNY Mellon as one of the "Most Just Companies" in 2023, ranking #91 out of 1,000 companies. They also achieved notable rankings in specific categories, such as #2 in Capital Markets, and #1 and #3 in the 'Workers' and 'Environment' categories within Capital Markets, respectively.
- In terms of its wealth management business, BNY's Wealth unit ranked 7th among wealth management businesses in the United States as of 2014.
- BNY Mellon was named one of the world's 50 safest banks by Global Finance in 2013 and 2014, underscoring its financial stability and security.
- The Banker recognised BNY Mellon as one of the 20 Most Valuable Banking Brands in 2014, highlighting the strength and value of their brand in the industry.
- The bank was included in the Dow Jones Sustainability North America Index from 2013 to 2016 and the World Index from 2014 to 2016, reflecting its commitment to sustainability and responsible practices.
- In the Financial System Benchmark, BNY Mellon ranked 149th, and 78th out of 155 banks in the same benchmark.
- In terms of geographical context, BNY Mellon ranked 32nd out of 138 financial institutions in North America.
These rankings and recognitions highlight BNY Mellon's reputation, stability, and impact in the financial industry, both domestically and globally. The bank has consistently demonstrated its strength and commitment to various aspects of responsible financial management, including sustainability, human rights, and worker empowerment.
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Headquarters and Locations
The Bank of New York Mellon Corporation, also known as BNY Mellon, is headquartered in New York City. BNY Mellon came into existence in its current form in July 2007 through a merger between the Bank of New York and Mellon Financial Corporation. The former was founded in 1784 by a group that included Alexander Hamilton, the first US Secretary of the Treasury. The latter was founded in 1869 in Pittsburgh, Pennsylvania, by retired judge Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon.
The principal office of BNY Mellon is located at One Wall Street, the previous address of the Bank of New York. In 2017, the company announced that it was moving its headquarters to 240 Greenwich Street, a renaming of the BNY Mellon-owned 101 Barclay Street office building in Tribeca, New York City. BNY Mellon had owned the building for over 30 years and later purchased the location from the city for $352 million.
BNY Mellon is one of the oldest banks in the world and is considered a systemically important financial institution by the Financial Stability Board. It is the 13th-largest bank in the United States by total assets and the 83rd-largest in the world. The bank serves advisors, banks, and consultants worldwide and offers a range of services, including investment and wealth management, foreign exchange, securities finance, capital markets, brokerage, and asset and estate planning.
In addition to its headquarters in New York City, BNY Mellon has a significant presence in other locations across the United States and worldwide. The bank has numerous offices and branches in different cities and countries, serving clients and conducting business globally.
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Frequently asked questions
The Bank of New York Mellon Corporation was founded in its current form in July 2007, through the merger of the Bank of New York and Mellon Financial Corporation. The Bank of New York was founded in 1784 by a group that included Alexander Hamilton, the first US Secretary of the Treasury.
The Bank operates as an investment company, providing investment and wealth management, foreign exchange, securities finance, capital markets, brokerage, asset, and estate planning services.
The Bank of New York Mellon Corporation is headquartered at 240 Greenwich Street, Tribeca, New York City.
The Bank of New York Mellon serves advisors, banks, and consultants worldwide and is considered one of the oldest and largest banks in the world.
