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The Bank of New York
Type	Subsidiary
Founded	New York, New York 1784-06-09
Headquarters	New York, New York
Key people	Tom Renyi, Chairman of the Board Robert P. Kelly, CEO Gerald Hassell, President Alexander Hamilton, founder
Industry	Financial services
Products	Financial services
Revenue	▲US$8.312 Billion (2005)
Net income	▲US$2.039 Billion (2007)
Owner	Bank of New York Mellon
Employees	42,100 (2007)
Website	www.bnymellon.com

The Bank of New York, abbrieviated BNY, ticker symbol BK, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.^[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. The BNY operated in four primary business areas (which it still continues to do): A subsidiary, in business, is an entity that is controlled by another entity. ... New York, New York and NYC redirect here. ... 1784 was a leap year starting on Thursday (see link for calendar). ... is the 160th day of the year (161st in leap years) in the Gregorian calendar. ... Tom Renyi (born 1951) is the Chairman and Chief Executive Officer (CEO) of the Bank of New York Company, a position he has held since 1997. ... Born 1954 is the CEO of Mellon Financial. ... Gerald Hassell (born 1952) has served as President and director of the Bank of New York Company, Inc. ... Alexander Hamilton (November 20, 1755 or 1757 - July 12, 1804) was the first Secretary of the Treasury of the United States, lawyer, Founding Father, American politician, leading statesman, political economist,] financier, and political theorist. ... Financial services is a term used to refer to the services provided by the finance industry. ... Financial services is a term used to refer to the services provided by the finance industry. ... For the tax agency in Ireland of the same name, see Revenue Commissioners. ... The United States dollar is the official currency of the United States. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... The United States dollar is the official currency of the United States. ... The Bank of New York Mellon Corporation (NYSE: BK), is a global financial services company formed on 2 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. ... This article is about work. ... A website (alternatively, web site or Web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or more web servers, usually accessible via the Internet. ... A stock symbol or ticker symbol is a mnemonic used to uniquely identify publicly-traded shares of a corporation on a particular stock market. ... Financial services is a term used to refer to the services provided by the finance industry. ... Mellon Financial Corporation, NYSE: MEL based in Pittsburgh, Pennsylvania, is engaged in the business of institutional and high-net-worth-individual asset management, including the Dreyfus family of mutual funds; business banking; and shareholder and investor services. ... The Bank of New York Mellon Corporation (NYSE: BK), is a global financial services company formed on 2 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. ...

• Securities servicing
• Treasury management
• Investment management
• Private banking

Securities are tradeable interests representing financial value. ... Treasury management (or treasury operations) refers to a management of an enterprise holdings in and trading in government and corporate bonds, currencies, financial futures, options and derivatives, payment systems and the associated financial risk management. ... Investment management is the professional management of various securities (shares, bonds etc) assets (e. ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ...

History

Older Bank of New York logo

The Bank of New York was founded by Alexander Hamilton on June 9, 1784^[2], making it the oldest bank in the United States. He wrote the new bank's constitution, and became the individual most actively involved in the organization of The Bank of New York, guiding it through its early stages. The bank opened for business at the Walton House in Lower Manhattan only a few months after the departure of British troops from American soil. It opened with a capitalization of $500,000.00^[2]. Alexander Hamilton (November 20, 1755 or 1757 - July 12, 1804) was the first Secretary of the Treasury of the United States, lawyer, Founding Father, American politician, leading statesman, political economist,] financier, and political theorist. ... is the 160th day of the year (161st in leap years) in the Gregorian calendar. ... 1784 was a leap year starting on Thursday (see link for calendar). ... For other uses, see Bank (disambiguation). ... Woolworth Building, looking south along Broadway Lower Manhattan, from the Brooklyn Bridge, 2005 Rigid airship the USS Akron over Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. ...

Events

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

• In 1792, the Bank of New York was the first corporate stock to be traded on the New York Stock Exchange.
• In 1922, the Bank merged with the New York Life Insurance & Trust Company.
• In 1948, the Bank acquired The Fifth Avenue Bank.
• In 1966, the Bank acquired the Empire Trust Company.
• In 1968, the Bank formed its holding company, The Bank of New York Company, Inc.
• In 1988, the Bank of New York acquired the Irving Bank Corporation and moved its headquarters to One Wall Street, now known as the Bank of New York Building.
• In the 1990s, the Bank acquired the National Community Banks in New Jersey and the Putnam Trust Company.
• In 2003, the Bank of New York acquired Pershing LLC [1], a provider of correspondent clearing and outsourcing services for broker dealers, asset managers. and financial intermediaries. That same year, the Bank integrated Lockwood Financial Services [2], Inc. into Pershing, creating one of the largest providers of managed account programs with client assets totaling nearly US$18 billion. The Bank has acquired over 80 other companies in the last 10 years.
• In 2005, the Bank was appointed by Telecom Argentina as trustee, registrar, and paying and transfer agent for its US$1.5 billion) debt restructuring. "The transaction was Argentina's largest corporate debt restructuring to date," according to the Bank of New York November 3, 2005, press release. The restructure involved the exchange of US$2.8 billion in outstanding debt for newly issued exchange notes and cash; "As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the Depository Trust Corporation (DTC), and from creditors holding debt in physical form." [3]
• In late 2005, the Bank of New York settled with federal regulators for US$38 million regarding a money laundering scandal that began in 1996. The illegal operation involved two Russian emigres—one who was a Vice President of the bank—moving over US$7 billion via hundreds of wires, and ended in the prosecution of at least nine individuals.
• On April 7, 2006, J.P. Morgan Chase & Co. announced they would swap their corporate trust unit for Bank of New York Co.'s retail and small business banking network. The swap values the Bank of New York business at US$3.1 billion, and JPMorgan's trust unit at US$2.8 billion and gives Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Connecticut Tri-State area.
• In May 2007, Russia has filed a US$22.5 billion lawsuit against the bank for money laundering.[4]

The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Irving Trust was a big bank, headquartered in New York City. ... This article or section does not cite any references or sources. ... One Wall Street, Bank of New York Building (originally the Irving Trust Company Building) was completed in 1932. ... The United States dollar is the official currency of the United States. ... Telecom Argentina S.A. (NYSE: TEO, Buenos Aires Stock Exchange:TECO2) is the major local telephone company for the northern part of Argentina, including half of the Buenos Aires city. ... The United States dollar is the official currency of the United States. ... Argentina went through an economic crisis since the mid-1990s; though it is debatable whether this crisis has ended, the situation has been more stable, and improving, since 2003. ... The United States dollar is the official currency of the United States. ... Settlement (of securities) is the process whereby securities or interests in securities are delivered, usually against payment, to fulfill contractual obligations, such as those arising under securities trades. ... Euroclear is an independent Brussels, Belgium-based financial services company that specializes in the clearing and settlement of securities which is owned by The Delian. ... Clearstream Banking S.A. (CB) is the clearing division of Deutsche Börse, based in Luxembourg. ... The main functions of the Depository Trust Corporation is to clear and settle stock, bond and money market trades and to provide custody of securities in a cost-effective and automated environment. ... The United States dollar is the official currency of the United States. ... Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and destination of the money in question. ... The United States dollar is the official currency of the United States. ... April 7 is the 97th day of the year in the Gregorian calendar (98th in leap years). ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... JPMorgan Chase & Co. ... The United States dollar is the official currency of the United States. ... The United States dollar is the official currency of the United States. ... The United States dollar is the official currency of the United States. ... Money laundering is the practice of engaging in financial transactions in order to conceal the identity, source and destination of the money in question. ...

Merger with Mellon

On December 4, 2006, Bank of New York and Mellon Financial Corporation announced that they would merge, creating the world's largest securities servicing and asset management firm. Under terms of the deal, Bank of New York's shareholders received 0.9434 shares in the new company for each share of Bank of New York that they owned, and Mellon shareholders (Taks) received 1 share in the new company for each Mellon share they owned. Bank of New York and Mellon entered into mutual stock option agreements for 19.9% of the issuer's outstanding common stock. is the 338th day of the year (339th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Mellon Financial Corporation, NYSE: MEL based in Pittsburgh, Pennsylvania, is engaged in the business of institutional and high-net-worth-individual asset management, including the Dreyfus family of mutual funds; business banking; and shareholder and investor services. ... Asset management is the method that a company uses to track fixed assets, for example factory equipment, desks and chairs, computers, even buildings. ... Main article: Option A stock option is a specific type of option that uses the stock itself as an underlying instrument to determine the options pay-off (and therefore its value). ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ...

The new company, called Bank of New York Mellon Corporation, is the world's leading asset servicer by a considerable margin, with $18 trillion in assets under custody (vaulting it over State Street Corporation, which has $15.1 trillion of assets under custody), and corporate trustee with $8 trillion in assets under trusteeship. It ranks among the top 10 global asset managers with more than $1 trillion in assets under management. It also added Mellon's asset management and wealth management businesses to Bank of New York's corporate trust, depositary receipt, correspondent clearing, and government bond clearance activities. This combination of businesses endowed the new company with an extremely diverse business mix and leading positions in most businesses. Look up trillion in Wiktionary, the free dictionary. ... In the most basic sense of the term, A corporate trust is a trust created by a corporation. ... An American Depositary Receipt (ADR) is how the stock of most foreign companies trades in United States stock markets. ... A government bond is a bond issued by a national government denominated in the countrys own currency. ...

It ranks as a top-10 U.S. wealth manager with more than $160 billion in client assets, and is a leading U.S. cash management and global payments provider. The company has annual revenues of about $13 billion, and pro-forma market capitalization of about $50 billion. The company has 40 thousand employees around the world. The Bank of New York Mellon Corporation operates in 37 countries, serving more than 100 markets. The company provides financial services for institutions, corporations, and high-net-worth individuals, through a worldwide team. It also services more than $11 trillion in outstanding debt. In United States banking, cash management, or treasury management is a marketing term for certain services offered primarily to larger business customers. ...

Thomas A. Renyi, former chairman and chief executive of Bank of New York, will serve as executive chairman of Bank of New York Mellon for 18 months following the close of the deal, with overall responsibility for the integration of the two companies.

Robert P. Kelly, former president, chairman, and chief executive of Mellon, serves as chief executive of the new company and succeeded Renyi as chairman of the board. Gerald L. Hassell, former president of Bank of New York, holds the same position in the new company.

The board of directors has 10 members designated by Bank of New York, and 8 members designated by Mellon. The new company's headquarters is based in New York City.

The merger was finalized on the July 2, 2007.

External links

• Bank of New York

References