BNY Mellon

The Bank of New York Mellon

Corporation, commonly known as The Bank of New York Mellon Corporation
BNY Mellon, is an American
investment banking services holding
company headquartered in New
York City. BNY Mellon was
formed from the merger of The
Bank of New York and the Mellon
Financial Corporation in 2007. It is
the world's largest custodian bank
and securities services
company, [2][3][4] with $1.8 trillion
in assets under management and
$44.3 trillion in assets under
custody at the end of 2022
fiscal.[5][1] It is considered a
systemically important bank by the
Financial Stability Board. BNY
Mellon is incorporated in
Delaware. [6]

Through its Bank of New York

Headquarters at 240 Greenwich Street
predecessor, it is one of the three
oldest banking corporations in the Type Public
United States and among the oldest Traded as NYSE: BK (https://www.nyse.com/quote/XNYS:BK)
banks in the world, having been
S&P 100 component
established in June 1784 by a group
that included American Founding S&P 500 component
Father Alexander Hamilton.[7] T. Industry Banking
Mellon and Sons Bank, was Financial services
founded in Pittsburgh in 1869 by
Predecessor Bank of New York (founded 1784)
Thomas Mellon and his sons
Mellon Financial (founded 1870)
Richard and Andrew, the latter of
whom later became Secretary of the Founded July 1, 2007
US Treasury.[8] The bank replaced Founder Alexander Hamilton
its name with Mellon National Bank (Bank of New York)
in 1902.[8] Thomas Mellon
(Mellon Financial)
History Headquarters 240 Greenwich Street
Manhattan, New York City, U.S.
Area served Worldwide
Bank of New York
Key people Robin Vince (CEO)
Dermot McDonogh (CFO)
The first bank in the U.S. was the Products Securities services
Bank of North America in
Corporate banking
Philadelphia, which was chartered
Investment banking
by the Continental Congress in
1781; Alexander Hamilton, Thomas Global wealth management
Jefferson and Benjamin Franklin Financial analysis
were among its founding Private equity
[7]
shareholders. In February 1784,
Revenue US$16.38 billion (2022)
The Massachusetts Bank in Boston
was chartered.[7] Operating US$3.328 billion (2022)
income
The shipping industry in New York Net income US$2.362 billion (2022)
City chafed under the lack of a
AUM US$1.836 trillion (2022)
bank, and investors envied the 14%
dividends that Bank of North Total assets US$405.8 billion (2022)
America paid, and months of local Total equity US$40.73 billion (2022)
discussion culminated in a June
Number of 51,700 (2022)
1784 meeting at a coffee house on
employees
St. George's Square which led to
the formation of the Bank of New Subsidiaries BNY Mellon Investment Management
York company. The bank operated Website BNYMellon.com (https://www.bnymellon.com)
without a charter for seven years.[9]
Footnotes / references
The initial plan was to capitalize the [1]
company with $750,000, a third in
cash and the rest in mortgages, but after this was disputed the first
offering was to capitalize it with $500,000 in gold or silver. When the
bank opened on June 9, 1784, the full $500,000 had not been raised;
723 shares had been sold, held by 192 people. Aaron Burr had three of
them, and Hamilton had one and a half shares. The first president was
Alexander McDougall and the Cashier was William
Seton. [10][11][12][13]

Its first offices were in the old Walton Mansion in New York
The Walton Mansion housed the City.[2][10][11] In 1787, it moved to a site on Hanover Square that the
Bank of New York from 1784 to New York Cotton Exchange later moved into.[10]
1787.
The bank provided the United States government its first loan in 1789.
The loan was orchestrated by Hamilton, then Secretary of the
Treasury, and it paid the salaries of United States Congress members and President George Washington.[14]

The Bank of New York was the first company to be traded on the New York Stock Exchange when it first
opened in 1792.[15] In 1796, the bank moved to a location at the corner of Wall Street and William Street,
which would later become 48 Wall Street.[10][16]

The bank had a monopoly on banking services in the city until the Bank of the Manhattan Company was
founded by Aaron Burr in 1799; the Bank of New York and Hamilton vigorously opposed its founding.[10]

During the 19th century, the bank was known for its conservative lending practices that allowed it to
weather financial crises. It was involved in the funding of the Morris and Erie canals, and steamboat
companies.[17][18] The bank helped finance both the War of 1812 and the Union Army during the
American Civil War.[19][20] Following the Civil War, the bank loaned money to many major infrastructure
projects, including utilities, railroads, and the New York City Subway.[17]
Through the early 20th century, the Bank of New York continued
to expand and prosper.[18][20] In July 1922, the bank merged with
the New York Life Insurance and Trust Company.[21] The bank
continued to profit and pay dividends throughout the Great
Depression, and its total deposits increased during the
decade.[18][20] In 1948, the bank again merged, this time with the
Fifth Avenue Bank, which was followed by a merger in 1966 with 1808 Bank of New York 3 dollar
the Empire Trust Company.[17][20] The bank's holding company banknote
was created in 1969.[17]

In 1988, the Bank of New York merged with Irving Bank Corporation after a
year-long hostile take over bid by Bank of New York.[22] Irving had been
headquartered at 1 Wall Street and after the merger, this became the
headquarters of the Bank of New York on July 20, 1998.[23][24][25] In 1922,
Irving Trust opened an account with Vnesheconombank, now known as VEB,
and beginning on October 7, 1988, when the merger was approved, the Bank of
New York was able to conduct transactions with the Soviet Union and later in
1991 Russia.[26] Natasha Kagalovsky (née Gurfinkel) with the pseudonym
Gurova, who had been an employee at Irving Trust since 1986 and was in Older Bank of New
charge of the banking with the Soviet Union, became a senior vice president at York logo
the Bank of New York heading the Eastern European operations from 1992
until October 13, 1999, when she resigned.[27][28][29][30][31][a]

From 1993 to 1998, the bank made 33 acquisitions, including acquiring JP Morgan's Global Custody
Business in 1995.[20] Ivy Asset Management was acquired in 2000, and the bank acquired Pershing LLC,
the United States' second-largest trade clearinghouse, in 2003.[20][33]

In the 1990s, Vladimir Kirillovich Golitsyn or "Mickey" Galitzine (Russian: Владимир Кириллович
Голицын; 1942-2018, born Belgrade) with the pseudonym Vladimirov, whose father was a director of the
Tolstoy Foundation, established and headed the Eastern European Department at the Bank of New York
until 1992 and hired many Russians. He mentored many new bankers in Hungary, the former East
Germany, Poland, Romania, and Bulgaria and travelled extensively to capital cities in the former Soviet
Union or the CIS to assist new bankers especially in Russia to where he travelled for his first time in 1990,
Ukraine, Latvia, Georgia, Armenia, Turkmenistan, and Kazakhstan. In 1960, he joined the Bank of New
York and worked as an accountant in its International Department but later headed the Russia team as a
vice president of the bank. His wife Tatiana Vladimirovna Kazimirova (Russian: Татьяна Владимировна
Казимирова; b. 1943, Berlin), an employee at the Bank of New York whom he married in 1963, worked
very closely with him. He traveled for his first time to Russia in 1990. He worked closely with banks in
Greece, Malta, and Italy and was an expert in cotton, gold, silver, and other raw materials
financing.[27][31][34][35][36]

Bank of New York had correspondent accounts for several Russian banks including Inkombank (Russian:
Инкомбанк), Menatep (Russian: «Менатеп»), Tokobank (Russian: Токобанк), Tveruniversalbank
(Russian: Тверьуниверсалбанк), Alfa-Bank (Russian: Альфа-банк), Sobinbank (Russian: Собинбанк),
Moscow International Bank (Russian: Московский международный банк) and others.[37][38][c]

In 2005, the bank settled a US federal investigation that began in 1996 concerning money laundering
related to post-Soviet privatization in Russia. The illegal operation involved two Russian emigres, Peter
Berlin and his wife Lyudmila "Lucy" (née Pritzker) Edwards who was a Vice President of the bank and
worked at its London office, moving over US$7 billion via hundreds of wires.[29][31][45][46][47][48][49]
Through accounts created by Peter Berlin for Alexei Volkov's Torfinex Corportion, Bees Lowland, which
was an offshore shell company created by Peter Berlin, and Benex International Company Inc, numerous
irregular wire transfers occurred at the Bank of New York.[31] In October 1997 at Bologna, Joseph Roisis,
also spelled Yosif Aronovizh Roizis and nicknamed Cannibal as a member of Russian mafia's
Solntsevskaya Bratva with businesses in Czechoslovakia, explained to Italian prosecutors that 90% of the
money flowing through Benex accounts at the Bank of New York is Russian mafia money.[29][32][d] Alexei
Volkov was charged in the United States but fled to Russia which has no extradition treaty with the United
States and later the charges were dropped.[28] Svetlana Kudryavtsev, a Bank of New York employee that
was responsible for the proper operation of the Benex accounts in New York which had ties to Semion
Mogilevich and through which passed $4.2 billion from October 1998 to March 1999, refused to cooperate
and resigned during an internal audit of the matter but was later indicted by the FBI for her role in which
she received $500 a month from Edwards for her services.[51][52][53][e] Alexander Mamut's Sobinbank,
which since August 2010 is a subsidiary of Rossiya Bank, was raided on October 10, 1999, in support of
United States investigations into money laundering at the Bank of New York.[57] The Vanuatu registered
Sobinbank Limited facilitated transfers between December 1997 and February 1999 for Benex
accounts.[58] Edmond Safra of the bank Republic New York, which is a longtime rival of the Bank of New
York, alerted the FBI to the money laundering scheme which also involved Russian banks including
Sobinbank and the Depozitarno-Kliringovy Bank (DKB) or the Russian Deposit Clearinghouse Bank
(Russian: российский «Депозитарно-клиринговый банк» («ДКБ»)) which was created by Peter Berlin
and had the same address as the Bees Lowland offshore shell company.[29][30][59] $3 billion went from
both Russian DKB and Sobinbank accounts through the Igor and Oleg Berezovsky owned Italian firm
Prima based in Rimini and, through Andrei Marisov at the Grigory Luchansky associated French firm
Kama Trade which had accounts with the Société bancaire arabe (SBA) to accounts at the Peter Berlin
created Sinex Bank in Nauru.[29][30][60][f][g]

In October 2002, Bank of New York entered into an alliance with ING to gain a stronger footing in Eastern
European markets.[67]

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. The deal signaled the bank's exit from retail banking.[68]

Mellon Financial

Mellon Financial was founded as T. Mellon & Sons' Bank in

Pittsburgh, Pennsylvania, in 1869 by retired judge Thomas Mellon and
his sons Andrew W. Mellon and Richard B. Mellon.[69] The bank
invested in and helped found numerous industrial firms in the late
1800s and early 1900s including Alcoa, Westinghouse, Gulf Oil,
General Motors and Bethlehem Steel.[70][71] Both Gulf Oil and Alcoa
are, according to the financial media, considered to be T. Mellon &
Sons' most successful financial investments.[70][71]

In 1902, T. Mellon & Sons' name was changed to the Mellon National
Bank.[70] In 1946, the firm merged with the Union Trust Company, a
business founded by Andrew Mellon in 1899, and other affiliated
financial firms. The newly formed organization was named the Mellon
National Bank and Trust Company, and was Pittsburgh's first
Andrew W. Mellon
US$1 billion bank.[72]

The bank formed the first dedicated family office in the United States
in 1971.[73] A reorganization in 1972 led to the bank's name changing to Mellon Bank, N.A. and the
formation of a holding company, Mellon National Corporation.[69][70]
Mellon Bank acquired multiple banks and financial institutions in Pennsylvania during the 1980s and
1990s.[74] In 1992, Mellon acquired 54 branch offices of Philadelphia Savings Fund Society, the first
savings bank in the United States, founded in 1819.[75]

In 1993, Mellon acquired The Boston Company from American Express and AFCO Credit Corporation
from The Continental Corporation. The following year, Mellon merged with the Dreyfus Corporation,
bringing its mutual funds under its umbrella.[70] In 1999, Mellon Bank Corporation became Mellon
Financial Corporation. Two years later, it exited the retail banking business by selling its assets and retail
bank branches to Citizens Financial Group.[70]

Merger

On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced they would
merge.[76] The merger created the world's largest securities servicing company and one of the largest asset
management firms by combining Mellon's wealth-management business and the Bank of New York's asset-
servicing and short-term-lending specialties.[2][76] The companies anticipated saving about $700 million in
costs and cutting around 3,900 jobs, mostly by attrition.[2]

The deal was valued at $16.5 billion and under its terms, the Bank of New York's shareholders received
0.9434 shares in the new company for each share of the Bank of New York that they owned, while Mellon
Financial shareholders received 1 share in the new company for each Mellon share they owned.[19] The
Bank of New York and Mellon Financial entered into mutual stock option agreements for 19.9 percent of
the issuer's outstanding common stock.[76] The merger was finalized on July 1, 2007.[4] The company's
principal office of business was located at the One Wall Street office previously held by the Bank of New
York.[3] The full name of the company became The Bank of New York Mellon Corp., with the BNY
Mellon brand name being used for most lines of business.[3][4]

Post-merger history

In October 2008, the U.S. Treasury named BNY Mellon the master custodian of the Troubled Asset Relief
Program (TARP) bailout fund during the financial crisis of 2007 to 2010. BNY Mellon won the
assignment, which included handling accounting and record-keeping for the program, through a bidding
process.[77] In November 2008, the company announced that it would lay-off 1,800 employees, or 4
percent of its global workforce, due to the financial crisis.[78] According to the results of a February 2009
stress test conducted by federal regulators, BNY Mellon was one of only three banks that could withstand a
worsening economic situation.[79] The company received $3 billion from TARP, which it paid back in full
in June 2009, along with US$136 million to buy back warrants from the Treasury in August 2009.[80][81]

In August 2009, BNY Mellon purchased Insight Investment, a management business for external funds,
from Lloyds Banking Group.[82][83] The company acquired PNC Financial Services' Global Investment
Servicing Inc. in July 2010 and Talon Asset Management's wealth management business in 2011.[84][85]

By 2013, the company's capital had steadily risen from the financial crisis. In the results of the Federal
Reserve's Dodd-Frank stress test in 2013, the bank was least affected by hypothetical extreme economic
scenarios among banks tested.[86] It was also a top performer on the same test in 2014.[87]

BNY Mellon began a marketing campaign in 2013 to increase awareness of the company that included a
new slogan and logo.[88][89]
In 2013, the bank started building a new IT system called NEXEN.[90][91] NEXEN uses open source
technology and includes components such as an API store, data analytics, and a cloud computing
environment.[92][93]

In May 2014, BNY Mellon sold its 1 Wall Street headquarters,[94] and in 2015, moved into leased space at
Brookfield Place.[95] In June 2014, the company combined its global markets, global collateral services and
prime services to create the new Markets Group,[96] also known as BNY Markets Mellon.[97] The
company expanded its Hong Kong office in October 2014 as part of the company's plans to grow its
wealth management business.[98]

Between 2014 and 2016, BNY Mellon opened innovation centers focused on emerging technologies, big
data, digital and cloud-based projects, with the first opening in Silicon Valley.[99][100][101]

In September 2017, BNY Mellon announced that it agreed to sell CenterSquare Investment Management to
its management team and the private equity firm Lovell Minnick Partners. The transaction is subject to
standard regulatory approvals and is expected to be completed by the end of 2017.[102]

In January 2018, BNY Mellon announced that it was again moving its headquarters location, less than four
years after its prior move. The headquarters location was announced as 240 Greenwich Street, a renaming
of the already BNY Mellon-owned 101 Barclay Street office building in Tribeca, New York City.[103][104]
BNY Mellon had owned the office building for over 30 years, with control of the location obtained via 99-
year ground lease. The same year, the company purchased the location from the city for $352 million.[105]

In February 2020, Mellon announced that it has successfully onboarded Liontrust Asset Management to its
new Investment Operations platform.[106]

Historical data
The following graphs represent the net income and assets and liabilities for the years 2000 to 2016 for the
Bank of New York Mellon, the Bank of New York Mellon Corporation's New York state-chartered bank
and an FDIC-insured depository institution.

Bank of New York Mellon historical data

 Assets and Liabilities 2000– Assets/Liabilities Ratio (%) 2000–
2016 [107][108] 2016[107][108]

Net Income 2000–2016 (in

millions)[107][108]

Operations
BNY Mellon operates in 35 countries in the Americas, Europe, the Middle East and Africa (EMEA), and
Asia-Pacific.[109][110] The company employed 51,700 people As of December 2022.[1] In October 2015,
the group's American and global headquarters relocated to 225 Liberty Street, as the former 1 Wall Street
building was sold in 2014.[95] In July 2018, the company changed its headquarters again, this time to its
existing 240 Greenwich Street location in New York (previously addressed 101 Barclay St).[111] The
group's EMEA headquarters are located in London and its Asia-Pacific headquarters are located in Hong
Kong.[112][113]

Business

The bank's primary functions are managing and servicing the investments of institutions and high-net-worth
individuals.[15] Its two primary businesses are Investment Services and Investment Management.[114][115]
The bank's clients include 80 percent of Fortune 500 companies.[116] The company also serves 77 percent
of the top 100 endowments, 87 percent of the top 1,000 pension and employee benefit funds, 51 percent of
the top 200 life and health insurance companies and 50 percent of the top 50 universities.[117]

Investment Services

The bank's Investment Services business represents approximately 72 percent of the company's
revenue[118] and it has $31.1 trillion under its custody or administration as of September 2016.[119] The
financial services offered by the business include asset servicing, alternative investment services, broker-
dealer services, corporate trust services and treasury services.[110][114] Other offerings include global
collateral services, foreign exchange, securities lending, middle and back office outsourcing, and depository
receipts.[110][114]
The company's subsidiary Pershing LLC handles securities services, including execution, settlement, and
clearing. It also provides back office support to financial advisors.[120][121]

In 2014, the company formed a new Markets Group, which offers collateral management, securities
finance, foreign exchange and capital markets.[96] The group is now known as BNY Mellon Markets.[97]

Investment Management

Wealth Management

BNY Mellon's Wealth Management unit handles the private banking, estate planning, family office
services, and investment servicing and management of high-net-worth individuals and families.[110][122] As
of 2014, it ranks 7th among wealth management businesses in the United States. Starting in 2013, the unit
began expansion efforts, including opening eight new banking offices, increasing salespeople, bankers, and
portfolio managers on staff, and launching an awareness campaign for wealth management services
through television ads.[122]

Leadership

Charles W. Scharf was appointed CEO in July 2017 and became Chairman after former CEO and
chairman Gerald Hassell retired at the end of 2017.[123][124] Hassell had been Chairman and CEO since
2011, after serving as BNY Mellon's president from 2007 to 2012[124] and as the president of the Bank of
New York from 1998 until its merger. Scharf stepped down in 2019 to become the new CEO of Wells
Fargo. Thomas "Todd" Gibbons served as BNY Mellon's CEO from 2020 to 2022.[125] Robin Vince took
over as the new CEO in 2022.[126]

Karen Peetz served as president (the bank's first female president) from 2013 to 2016, when she retired; the
company did not appoint a new president when she retired.[127][128] Thomas Gibbons served as CFO
between 2008 and 2017, when he also served as vice chairman.[129] In 2017, Gibbons was replaced as
CFO by Michael P. Santomassimo.[130][131] BNY Mellon's Investment Management business is run by
CEO Mitchell Harris,[132] and the company's Investment Services business was led by Brian Shea[133]
until his retirement in December 2017.[134]

As of July 2017, the company's board members were Linda Z. Cook, Nicholas M. Donofrio, Joseph J.
Echevarria, Edward P. Garden, Jeffrey A. Goldstein, Gerald L. Hassell, John M. Hinshaw, Edmund F.
(Ted) Kelly, John A. Luke Jr., Jennifer Morgan, Mark A. Nordenberg, Elizabeth E. Robinson, Charles W.
Scharf and Samuel C. Scott III.[135]

Company culture

In 2008, BNY Mellon formed a Board of Directors corporate social responsibility committee to set
sustainability goals.[136][137] The company's corporate social responsibility activities include philanthropy,
social finance in the communities the bank is located in, and protecting financial markets globally.[138]

The bank's philanthropic activities include financial donations and volunteerism.[139] The company
matches employee volunteer hours and donations with financial contributions through its Community
Partnership program.[140] Between 2010 and 2012, the company and its employees donated approximately
$100 million to charity.[139] In 2014, the company worked with the Forbes Fund to create a platform that
connects nonprofit organizations with private businesses to solve social challenges.[141]

The company received a 100 A rating in 2013, 2014 and 2015 by the CDP, which measures corporate
greenhouse gas emissions and disclosures.[137][142][143] BNY Mellon was named on the Dow Jones
Sustainability North America Index in 2013,[144] 2014 and 2015, and the World Index in 2014,[145]
2015[146] and 2016.[147] Another one of the company's focuses has been building efficiency. As of 2014,
the company has saved $48 million due to building efficiency. Five of its buildings have achieved
Leadership in Energy and Environmental Design (LEED-EB) certification and 23 have interiors that are
LEED certified.[137]

The company has business resource groups for employees that are focused on diversity and
inclusion.[138][148] In 2009, Karen Peetz co-founded the BNY Mellon Women's Initiative Network (WIN),
a resource group for female employees' professional development.[149] As of 2013, WIN had 50
chapters.[150] Other groups include PRISM for LGBT employees, IMPACT, which serves multicultural
employees and HEART for employees with disabilities.[148] The bank has services for returning military,
including a tool to help veterans align military skills and training with jobs at the company.[151] In 2014, it
was recognized for its diversity practices by the National Business Inclusion Consortium, which named it
Financial Services Diversity Corporation of the Year.[152]

In 2009, the company began an innovation program for employees to suggest ideas for large-scale projects
and company improvement. Ideas from the initial pilot program generated approximately $165 million in
pretax profit. The program results in an annual contest called "ACE" in which teams pitch their ideas.[153]

Controversies and legal issues

Foreign currency exchange issues

In October 2011, the U.S. Justice Department and New York's attorney general filed civil lawsuits against
the Bank of New York, alleging foreign currency fraud. The suits held that the bank deceived pension-fund
clients by manipulating the prices assigned to them for foreign currency transactions. Allegedly, the bank
selected the day's lowest rates for currency sales and highest rates for purchases, appropriating the
difference as corporate profit. The scheme was said to have generated $2 billion for the bank, at the
expense of millions of Americans' retirement funds, and to have transpired over more than a decade.
Purportedly, the bank would offer secret pricing deals to clients who raised concerns, in order to avoid
discovery. Bank of New York defended itself vigorously, maintaining the fraud accusations were "flat out
wrong" and warning that as the bank employed 8,700 employees in New York, any damage to the bank
would have negative repercussions for the state of New York.[154][155]

Finally, in March 2015, the company admitted to facts concerning the misrepresentation of foreign
exchange pricing and execution. BNY Mellon's alleged misconduct in this area includes representing
pricing as best rates to its clients, when in fact they were providing clients with bad prices while retaining
larger margins. In addition to dismissing key executives, the company agreed to pay a total of US$714
million to settle related lawsuits.[156]

In May 2015, BNY Mellon agreed to pay $180 million to settle a foreign exchange-related lawsuit.[157]

In May 2016, multiple plaintiffs filed suit against the bank, alleging that the company had breached its
fiduciary duty to ERISA plans that held American Depositary Receipts by overcharging retirement plans
that invested in foreign securities.[158] In March 2017, the presiding judge declined to dismiss the suit. In
December 2017, another lawsuit alleged that BNY Mellon manipulated foreign exchange rates was filed by
Sheet Metal Workers' National Pension Fund.[159] BNY Mellon agreed to pay $12.5 million to settle the
2016 lawsuit in December 2018.[160]

Personal data breach

In February 2008, BNY Mellon suffered a security breach resulting in the loss of personal information
when backup tapes containing the personal records of 4.5 million individuals went missing. Social security
numbers and bank account information were included in the records. The breach was not reported to the
authorities until May 2008, and letters were sent to those affects on May 22, 2008.[161][162]

In August 2008, the number of affected individuals was raised to 12.5 million, 8 million more than
originally thought.[163][164]

IT system outages

On Saturday, August 22, 2015, BNY Mellon's SunGard accounting system broke down during a software
change. This led to the bank being unable to calculate net asset value (NAV) for 1,200 mutual funds via
automated computer system.[165] Between the breakdown and the eventual fix, the bank calculated the
values using alternative means, such as manual operation staff. By Wednesday, August 26, the system was
still not fully operational.[166] The system was finally operational to regular capacity the following week.
As a result of a Massachusetts Securities Division investigation into the company's failure and lack of a
backup plan, the company paid $3 million.[167]

In December 2016, another major technology issue caused BNY Mellon to be unable to process payments
related to the SWIFT network. As of the time of the issue, the bank processed about 160,000 global
payments daily, an average of $1.6 trillion.[168] The company was unable to process payments for a 19
hours, which led to a backlog of payments and an extension of Fedwire payment services.[168]

Privately owned public space agreement violation

According to a New York City Comptroller audit in April 2017, BNY Mellon was in violation of a
privately owned public space (POPS) agreement for at least 15 years. In constructing the 101 Barclay
Street building in Lower Manhattan, BNY Mellon had received a permit allowing modification of height
and setback regulations in exchange for providing a lobby accessible to the general public 24 hours a day.
Auditors and members of the public had been unable to access or assess the lobby for many years, and
were actively prevented from doing so by BNY Mellon security.[169][170]

In September 2018, the company began to permit public access to a portion of the lobby.[171] However,
BNY Mellon remains in violation of its agreement, as the lobby must be accessible to the public 24 hours a
day.[172] As of early 2021 the city Comptroller reported that company security personnel prevented auditors
from entering or photographing the lobby and was seeking to have the "public lobby" designation
removed.[173]

Employment legal issues

BNY Mellon settled foreign bribery charges with the U.S. Securities and Exchange Commission (SEC) in
August 2015 regarding its practice of providing internships to relatives of officials at a Middle Eastern
investment fund.[174] The U.S. SEC found the firm in violation of the Foreign Corrupt Practices Act.[175]
The case was settled for $14.8 million.[176]

In March 2019, BNY Mellon staff considered legal options after the company banned employees from
working from home.[177] In particular, staff cited concerns regarding the impact on childcare, mental health,
and diversity.[178] The company reverted the ban as a result of employee outcry.[179]

Other legal issues

In September 2009, BNY Mellon settled a lawsuit that had been filed against the Bank of New York by the
Russian government in May 2007 for money laundering; the original suit claimed $22.5 billion in damages
and was settled for $14 million.[180][181]

In 2011, South Carolina sued BNY Mellon for allegedly failing to adhere to the investment guidelines
relating to the state's pension fund. The company settled with the state in June 2013 for $34
million.[182][183]

In July 2012, BNY Mellon settled a class action lawsuit relating to the collapse of Sigma Finance Corp.
The suit alleged that the bank invested and lost cash collateral in medium-term notes. The company settled
the lawsuit for $280 million.[184]

In December 2018, BNY Mellon agreed to pay nearly $54 million to settle charges of improper handling of
"pre-released" American depositary receipts (ADRs) under investigation of the U.S. Securities and
Exchange Commission (SEC). BNY Mellon did not admit or deny the investigation findings but agreed to
pay disgorgement of more than $29.3 million, $4.2 million in prejudgment interest and a penalty of $20.5
million.[185][186]

Recognition and rankings

As of 2015, BNY Mellon was the world's largest custody bank,[118][187] the sixth-largest investment
management firm in the world,[188] and the seventh-largest wealth management firm in the United
States.[98] In 2018, BNY Mellon ranked 175 on the Fortune 500[189] and 250 on the Financial Times
Global 500.[190] It was named one of world's 50 Safest Banks by Global Finance in 2013 and
2014,[191][192] and one of the 20 Most Valuable Banking Brands in 2014 by The Banker.[193]

The bank says it is the longest running bank in the United States,[194] a distinction sometimes disputed by
its rivals and some historians.[7] The Bank of North America was chartered in 1781, and was absorbed by a
series of other entities until it was acquired by Wells Fargo. Similarly, The Massachusetts Bank went
through a series of acquisitions and ended up as part of Bank of America. The Bank of New York remained
independent, absorbing other companies, until its merger with Mellon. BNY Mellon is at least the third-
oldest bank in the US.[7]

Sponsorships
Since 2012, BNY Mellon has expanded its number of sponsorships.[195] BNY Mellon was the title sponsor
of the Oxford and Cambridge Boat Race from 2012 to 2015.[195][196][197] The company also sponsors the
Head of the Charles Regatta in Boston.[195] In 2013, the company became a 10-year sponsor of the San
Francisco 49ers and a founding partner of Levi's Stadium.[198] The company is a regular sponsor of the
Royal Academy of Arts in London.[199]

See also
Banks portal

1 Wall Street
BNY Mellon Center (disambiguation)
CIBC Mellon
Eagle Investment Systems
Mellon Financial Corporation
Pershing LLC

Notes
a. Allegedly, Semion Mogilevich instructed Natasha Kagalovsky (née Gurfinkel) to wire transfer
Cali cartel funds from Bank of New York accounts though Brazilian banks to offshore shell
companies.[32]
b. Banco General maintains offices in Costa Rica, has representative offices in Mexico,
Guatemala, El Salvador, Colombia and Peru and has correspondent banking with Dresdner
Bank Lateinamerika AG in Panama and was closely associated with Vladimir Putin's close
friend Matthias Warnig at its Saint Petersburg branch, Banco Latinoamericano de
Exportaciones SA (BLADEX) in Panama, Bank of Nova Scotia in Panama, Chase
Manhattan Bank, Bank of New York, Citibank, Colonial Bank in Miami, First Union Bank in
Miami, SunTrust Bank in Miami, Bank of America in Miami, Barclays Bank PLC in Miami,
Banco General (Overseas) in the Cayman Islands, HSBC Bank USA in New York, HSBC
Bank PLC in Panama, and others.[41][42][43][44]
c. On October 26, 1999, Bank of New York gained BankBoston Panama as its subcustodian
bank in Panama. Beginning in 1996, the 1973 established BankBoston Panama provided
custody services to non-resident investors in Panama.[39] On December 17, 2004, Bank of
America sold its BankBoston (BKB) operations in Peru, Colombia, and Panama to the 1955
established Panamanian private equity bank Banco General.[40][b]
d. Joseph Roizis also spelled Roitsis (Russian: Ройцис; b. late 1940s, Soviet Union), who was
also known as Aron, Gregory, Grisha, or "Ogre", immigrated to the United States with his
wife and two children two years after fighting for Israel in the Yom Kippur War and operated a
furniture store in Brighton Beach as a front for trafficking heroin from Romania where he
purchased furniture for his store. Marat Balagula (Russian: Марат Балагул) assisted him
with obtaining heroin from Thailand via Poland. Roitsis gave Leonid "Tarzan" Fainberg or
Feinberg (Russian: Леонид «Тарзан» Файнберг; b. Ukraine), who was also known as
Ludwid "Tarzan" Fainberg and was trained as a dentist but left the Soviet Union for Israel
where he obtained an Israeli passport and immigrated to the United States in the 1980s via
Germany, a job at his furniture store in Brighton Beach, Brooklyn, New York City.[50]
e. Until his death in July 2020, William Sessions was the American attorney of Semion
Mogilevich, who is the "boss of bosses" of the Russian mafia, has close ties with Vladimir
Putin, and is a member of the FBI Most Wanted Fugitives list.[54][55][56]
f. On January 10, 2006, the Lebanese bank Banque Libano-Française S.A.L., which has its
headquarters in Beirut, gained a majority stake of 78.3% in the 1978 founded Société
bancaire arabe (SBA) with the Claude Bébéar associated AXA subsidiary Compagnie
 Financière de Paris having a stake of 20%. Compagnie Financière de Paris held a 34%
stake with thirty other shareholders before 2006. Later, Banque Libano-Française S.A.L.
increased its stake to 99%. SBA has its headquarters in Paris at 28 rue de Berri (8ème),
maintains a branch in Limassol, Cyprus, and has 100% ownership of the Geneva based
Financière SBA (Suisse).[61][62] SBA's focus is Syria with some operations in Lebanon.
SBA's Geneva affiliate Societe Bancaire Arabe (Suisse) incurred heavy loses in the early
1990s and was converted to a finance company according to Mustafa Janoudi who was
SBA's chairman general manager from the 1990s until 2006 when he became Vice
Chairman and General Manager Délégué and Bernard Vernhes became chairman general
manager. Bernard Vernhes was previously at the Banque Française de l'Orient (BFO) in
Paris as chairman general manager and later at Banque Libano-Française SAL as general
manager.[63]
g. Saeb Shafiq Nahas also spelled Nahhas (b. 1936, al-Jura neighborhood, Damascus) held a
12% stake in Société bancaire arabe (SBA) until May 14, 1993 when he sold it to private
investors. Nahas is very close to the Assad family especially Rifaat al-Assad who is a
brother of Hafez al-Assad. Beginning in 1966, Nahas has assisted in arms sales to Iran and
especially Hezbollah. His farm along the Damascus International Road is used by the
Iranian Revolutionary Guard to train militias that Nahas also hosts at his al-Safir Hotel in
Sayyidah Zainab neighborhood of Damascus. He is very wealthy. His close relationship
with Bashar alAssad led to numerous of Nahas's investments in Kazakhstan, Mexico, United
Arab Emirates, Lebanon, Jordan, and Sudan. In 2015, the Central Bank of Syria froze his
funds because of Nahas's failure to repay a loan which led to Nahas fleeing to Lebanon
where he firmly supported the Syrian regime, so later his funds were unfrozen. His two sons
Hadi and Muhammad remained in Syria to manage the Nahas family's assets in
Syria.[63][64][65][66]

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Books
Unger, Craig (August 14, 2018). House of Trump, House of Putin: The Untold Story of
Donald Trump and the Russian Mafia. Dutton. ISBN 978-1524743505.
Скуратов, Юрий Ильич (Skuratov, Yury Ilyich) (2013). Кремлёвские подряды: Последнее
дело прокурора [Kremlin contracts. The last case of the Attorney General] (in Russian).
Moscow: ООО «Издательство Алгоритм» (Algorithm Publishing House). ISBN 978-5-
4438-0301-2.

External links
Official website (https://www.bnymellon.com/)
Business data for The Bank of New York Mellon: Google (https://www.google.com/finance?q
=BK) · SEC filings (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=B
K) · Yahoo! (https://finance.yahoo.com/quote/BK)
Pershing LLC., a subsidiary of The Bank of New York Mellon Corporation (http://www.pershi
ng.com)
225th Anniversary Commemorative Video (https://www.youtube.com/bnym225years)
iNautix Technologies, a subsidiary of The Bank of New York Mellon (http://www.inautix.co.in)
New York Life Insurance and Trust Company Records (http://nrs.harvard.edu/urn-3:HBS.Bak
er.EAD:bak00118,) at Baker Library Historical Collections, Harvard Business School.
Retrieved from "https://en.wikipedia.org/w/index.php?title=BNY_Mellon&oldid=1184349200"