Bank of New York Mellon

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Bank of New York Mellon
Founded	2007 as joint bank
Headquarters	New York City
Key People	Chairman and CEO Robert P. Kelly
Employees	43,000
Products	Global private banking and investment management products and services
Web site	http://www.bnymellon.com

Bank of New York Mellon is a leading global private banking provider, mostly for companies, institutions and wealthy individuals, focusing on investment and asset management. The product of a recent merger, BNYM is now one of America's top-10 wealth managers and has $23 trillion in total assets under custody and administration.

History

Bank of New York Mellon (BNYM) was formed in July 2007 through the merger of the Bank of New York Co. of New York City and Mellon Financial Corp. of Pittsburgh. Predecessor Bank of New York was launched in 1784 as the city's first bank and had its constituion written by financial pioneer Alexander Hamilton.^[1] T. Mellon and Sons' Bank began operating in 1869 and later help finance the founding of industrial giants U.S. Steel, Alcoa and Westinghouse.^[2]

The bank currently has total assets of $201 billion and market capitalization $43.4 billion and earned total revenue in the first six months of 2008 of $7.14 billion.^[3] But BNYM earnings in Q2 tumbled 31 percent on higher transaction charges and securities writedowns, from $445 million (62 cents per share) in Q2 2007 to $309 million (27 cents per share) in Q2 2008.^[4]

In June 2008 BNYM and Claymore Securities jointly launched their 'Frontier Market ETF' (FRN) on NYSE Euronext, based on the BNYM New Frontier DR Index. The fund invests in 42 countries in the Middle East, Africa, Eastern Europe, South Asia and Latin America.^[5]

Products and Services

Offers a full range of high-end financial and investment banking, most notably:

• Private banking
• Wealth management
• Asset servicing
• Clearing and treasury services
• Fund management

Key People

Chairman and Chief Executive Officer Robert P. (Bob) Kelly has served in those positions since BNYM's two predecessor institutions merged in July 2007; prior to that he had been Chairman, CEO and president of Mellon Financial Corp. since February 2006.^[6] Before joining Mellon, Kelly spent five years as chief financial officer of Wachovia Corp. and the previous 19 years at Toronto-Dominion Bank. Kelly was named one of America's top 10 banking CEOs by U.S. Banker magazine in 2006 and 2007 and one of its top 10 CFOs by Institutional Investor magazine in 2004, 2005 and 2006. He is also a chartered accountant and has a background in retail securities brokerage. Kelly is a graduate of St. Mary's University in Canada and holds an MBA from the Cass Business Scool at City University, London.

Latest news

BNYM admitted in August 2008 that up to 12 million of its customers may have been affected by a breach of its computerized data in May.^[7] The bank originally thought that only four million had been affected by the disapperance of tapes from a third-party courier firm.

References

1. ↑ A Pioneer by Birth. Bank of New York Mellon. Retrieved on September 4, 2008.
2. ↑ Sparking the Industrial Revolution. Bank of New York Mellon. Retrieved on September 4, 2008.
3. ↑ Fact Sheet. Bank of New York Mellon. Retrieved on September 4, 2008.
4. ↑ Bank of New York Mellon profit falls on transaction charges, investment securities write-downs. The Associated Press. Retrieved on September 4, 2008.
5. ↑ Claymore Lists the Claymore/BNY Mellon Frontier Markets ETF on NYSE Arca. NYSE Arca. Retrieved on September 4, 2008.
6. ↑ Robert P. Kelly Chairman and Chief Executive Officer. Bank of New York Mellon. Retrieved on September 4, 2008.
7. ↑ Bank of New York Mellon data breach could now affect 12 million. Central New York Business Journal. Retrieved on September 4, 2008.