Bank of New York Mellon Corp Profile
The Bank of New York Mellon can be traced back as far as the Bank of New York, founded by Alexander Hamilton in 1784. Under the watch of the first U.S. Secretary of the Treasury, the bank became the first corporate stock traded on the New York Stock Exchange and the depositary for the nation’s first trust. Throughout the next two centuries, the bank would expand and grow, merging with the New York Life Insurance and Trust Company, the Fifth Avenue Bank, and the Empire Trust Company, among others, even continuing to profit and pay dividends throughout the Great Depression. Mellon Financial was founded by Thomas Mellon and his sons in 1869. The bank invested in numerous industrial firms in its early years, with the Gulf Oil and Alcoa investments considered to be some of its most successful. Similar to the Bank of New York, Mellon Financial, later renamed to Mellon Bank, N.A., also went through a series of mergers with Union Trust Company and Philadelphia Savings Fund Society, among others. In 2007, the Bank of New York and Mellon Financial Corporation merged, finally arriving at the name it is now known as. Following patterns of its previous expansions, the Bank of New York Mellon acquired Insight Investment and PNC Financial Services’ Global Investment Servicing Inc. in 2009 and 2010, respectively. The bank recovered very quickly from the financial crisis of 2007 to 2010 and, by 2013, the bank focused on a branding campaign to increase global awareness, adopting the slogan “The Investment Company for the World.” BNY Mellon currently operates in 35 countries, employing over fifty thousand people. The company had almost $15 billion in revenue in 2014 with total assets totaling $385.2 billion. BNY Mellon operates through two segments, with the Investment Services making up about 72% of the company’s revenue and the Investment Management making up the rest. With $1.7 trillion assets under management and $28.5 trillion assets under custody or administration, it is the largest deposit bank in the world.