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. A subsidiary, in business matters is an entity that is controlled by a bigger and more powerful entity The City of New York Year 1784 ( MDCCLXXXIV) was a Leap year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Leap year Events 53 - Roman Emperor Nero marries Claudia Octavia 62 - Claudia Octavia commits Tom Renyi (born 1947) is the former Chairman and Chief Executive Officer (CEO of the Bank of New York Company a position he held since 1997 Robert "Bob" P Kelly born in 1954 CEO of The Bank of New York Mellon. Gerald Hassell (born 1952 has served as President and director of the Bank of New York Company Inc For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Financial services refer to services provided by the finance industry. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 312 Billion (2005)
Net income	▲US$2. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 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. Ownership is the state or fact of exclusive rights and control over Property, which may be an object, land/real estate, Intellectual property Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages 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 refer to services provided by the finance industry. Mellon Financial Corporation, ( was one of the world's largest money management firms ^[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):

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

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. A security is a Fungible, Negotiable instrument representing financial value Treasury management (or treasury operations) includes Management of an enterprise' holdings in and trading in government and Corporate bonds Private banking is a term for Banking Investment and other Financial services provided by banks to private individuals investing sizable assets Events 53 - Roman Emperor Nero marries Claudia Octavia 62 - Claudia Octavia commits Year 1784 ( MDCCLXXXIV) was a Leap year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Leap year A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money The United States of America —commonly referred to as the 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. A constitution is a system for government often Codified as a written document that establishes the rules and principles of an autonomous political entity 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. Lower Manhattan (or downtown Manhattan) is the southernmost part of the island of Manhattan, the main island and center of business and government of the It opened with a capitalization of $500,000. 00^[2].

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. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City.
• 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. Empire Trust Company was a Trust company established in 1902 by McVickar Realty Trust Company in New York, NY.
• 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. Irving Trust was a bank headquartered in New York City and the principal subsidiary (from 1965 on of the Irving Bank Corporation One Wall Street (originally the Irving Trust Company Building, later the Bank of New York Building) was completed in 1931 and opened in 1932 One Wall Street (originally the Irving Trust Company Building, later the Bank of New York Building) was completed in 1931 and opened in 1932
• 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 United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 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. Telecom Argentina SA ( Buenos Aires Stock Exchange: TECO2) is the major local Telephone company for the northern part of Argentina, including The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 5 billion) debt restructuring. Argentina went through an economic crisis beginning in the mid-1990s with full Recession between 1999 and 2002 though it is debatable whether this crisis has ended "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. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 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. Settlement (of securities is the process whereby securities or interests in securities are delivered usually against payment to fulfill Contractual obligations Euroclear is a user-owned user-governed Brussels, Belgium -based financial services company that specializes in the settlement of Securities transactions Clearstream Banking SA (CB is the clearing division based in Luxembourg, of Deutsche Börse. The Depository Trust & Clearing Corporation (DTCC based primarily at 55 Water Street in New York City, is the world’s largest post-trade Financial services company " [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 United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Money laundering is the practice of engaging in financial Transactions in order to conceal the Identity, source and/or destination of Money, 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. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been
• On April 7, 2006, J.P. Morgan Chase & Co. announced they would swap their corporate trust unit for Bank of New York Co. Events 529 - First draft of Corpus Juris Civilis (a fundamental work in Jurisprudence) is issued by Eastern Roman Emperor Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating 's retail and small business banking network. The swap values the Bank of New York business at US$3. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 1 billion, and JPMorgan's trust unit at US$2. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 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. Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 5 billion lawsuit against the bank for money laundering. Money laundering is the practice of engaging in financial Transactions in order to conceal the Identity, source and/or destination of Money, [4]

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. "December 4th" redirects here For the song by Jay-Z, see December 4th (song. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Mellon Financial Corporation, ( was one of the world's largest money management firms 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. Options are financial instruments that convey the right but not the obligation to engage in a future transaction on some Underlying security, or in a Futures 9% of the issuer's outstanding common stock. A voting share (also called common stock or ordinary share) is a share of Stock giving the Stockholder the right to vote on matters

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. In the most basic sense of the term A corporate trust is a trust created by a Corporation. A government bond is a bond issued by a national government denominated in the country's own Currency. This combination of businesses endowed the new company with an extremely diverse business mix and leading positions in most businesses. This seminal move in the history of both parties permitted the merger to recruit some of the most sought after names in the world of securities. The Irish branch in particular secured the signature of Aidan J. Claffey who is said to have revolutionised the workplace, which had previously been dubbed 'absolute cot bugger. '

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. In United States Banking, cash management, or treasury management, is a Marketing term for certain services offered primarily to larger business 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.

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