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BNY is the abbreviated rebranded name of The Bank of New York Mellon Corporation, a leading global financial services firm focused on asset servicing, investment management, and wealth solutions. Traced back to the original Bank of New York founded in 1784, it is one of the oldest continuously operating financial institutions in the United States. In 2024, the company unified its corporate brand under the shorter BNY name to streamline its market identity.
Key moments
1784Original Bank of New York founded by Alexander Hamilton
2007Bank of New York merges with Mellon Financial to form BNY Mellon
2024Company rebrands to BNY, updating its official logo and brand identity
BNY operates in the global financial services sector, competing with several major peers across its core business lines:
Large US commercial banks: JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo offer competing asset management and corporate banking services
Pure-play asset servicers: State Street Corporation, a direct rival in custody and institutional investor services
Global investment banks: European firms like HSBC and BNP Paribas also compete for cross-border institutional clients
BNY's key competitive advantages include its long-standing legacy in US financial markets, extensive global regulatory footprint, and specialized focus on high-touch asset servicing for institutional clients.
Competes with JPMorgan Chase, Bank of America for corporate banking clients
Direct rival to State Street in global custody services
Faces competition from European investment banks like HSBC and BNP Paribas
BNY is a legacy-driven global financial services brand with a leading position in institutional asset servicing, investment management, and wealth solutions. Following its 2024 rebranding from The Bank of New York Mellon Corporation to the simplified BNY name, the brand has sought to streamline its market identity while preserving the trust and reputation built over more than two centuries of continuous operation. As one of the most enduring financial institutions in the United States, BNY's brand equity is rooted in its long track record of reliability through shifting economic and regulatory environments.
The brand competes across multiple segments of global financial services, facing competition from large US commercial banks, pure-play asset servicers, and European global investment banks. Its core competitive advantages, including its deep institutional legacy, extensive global regulatory footprint, and specialized focus on high-touch institutional client services, contribute significantly to its overall brand strength. BNY's brand equity is concentrated in the B2B institutional space, where it maintains high levels of trust among clients and industry stakeholders.
Brand leadership
Score: 82/100
BNY holds a top-tier market leadership position in the global asset servicing industry, competing effectively with major peers including JPMorgan Chase and State Street. Its specialized focus on institutional client services has allowed it to establish strong thought leadership in custody and investment management segments, maintaining consistent market share across its core business lines.
Customer interaction
Score: 78/100
As a B2B-focused financial services brand, BNY maintains long-term, relationship-driven interactions with its institutional client base that support high client retention rates. Its high-touch service model for asset servicing and wealth solutions encourages ongoing engagement, though its limited retail presence results in lower general public interaction compared to large consumer-facing banking brands.
Brand momentum
Score: 75/100
The 2024 rebranding to the shorter BNY name has injected fresh momentum into the brand, streamlining its identity for modern digital and global markets. BNY continues to expand its digital service offerings for institutional clients, supporting steady growth in its core business segments amid evolving regulatory and market conditions.
Brand stability
Score: 90/100
As one of the oldest continuously operating financial institutions in the United States, BNY has built exceptional brand stability by navigating multiple economic recessions, market crashes, and regulatory shifts over more than two centuries. Its conservative business model focused on institutional asset servicing further reinforces the consistent market perception of its reliability and stability.
Brand legacy age
Score: 95/100
BNY traces its origins directly to the original Bank of New York founded in 1784, giving it over 240 years of continuous brand history in the financial services sector. This extensive, unbroken legacy is a core brand asset that conveys inherent trust and longevity to institutional clients across global markets.
Industry profile
Score: 80/100
BNY is a highly respected and well-recognized brand within the global financial services industry, particularly among institutional investors, regulators, and industry peers. Its leading position in asset servicing gives it strong standing within the sector, though it has lower public visibility compared to large retail-focused banking brands.
Global brand presence
Score: 85/100
BNY serves institutional clients across more than 35 countries worldwide, with an extensive global regulatory footprint that supports cross-border institutional business operations. It maintains a strong presence in all major global financial centers, including New York, London, Hong Kong, and Singapore, establishing it as a truly global brand in institutional financial services.
AI can support brand value reasoning for BNY by analyzing its market position, legacy, and competitive dynamics, but any resulting figures are purely illustrative. For a fully audited official brand value assessment for BNY, contact the World Brand Lab directly.
The Bank of New York Mellon Corporation, commonly known as BNY or by its prior brand name BNY Mellon, is an American international financial services company headquartered in New York City with major offices also in Pittsburgh, Pennsylvania. It was established in its current form in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation.Through the lineage of Bank of New York, which was founded in 1784 by a group that included Alexander Hamilton, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world.It was the first company listed on the New York Stock Exchange.In 2024, it was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue, and a 2018 Fortune analysis identified it as the oldest company on the list.[2] As of 2024, it was the 13th-largest bank in the United States by total assets and the 83rd-largest in the world.BNY is considered a systemically important financial institution by the Financial Stability Board.
BNY provides a wide range of financial services, including asset management, custody and securities services, government finance services, and pension plan management.[3] The company serves diverse clients, including corporations, institutions, and individuals, offering financial expertise and technological platforms to support their objectives.The company's key subsidiaries include BNY Investments, BNY Pershing, and BNY Wealth.It is the world's largest custodian bank and securities services company.As of September 2024, BNY had $2.1trillion in assets under management and $52.1trillion in assets under custody and administration, making it the first bank to surpass $50trillion.[4] BNY has been named among Fortune's World's Most Admired Companies.[5]
History
Bank of New York
The first bank in the U.S. was the Bank of North America in Philadelphia, which was chartered by the Continental Congress in 1781; Alexander Hamilton, Thomas Jefferson and Benjamin Franklin were among its founding shareholders.[6] In February 1784, The Massachusetts Bank in Boston was chartered.[6]
The shipping industry in New York City chafed under the lack of a bank, and investors envied the 14% dividends that Bank of North America paid, and months of local discussion culminated in a June 1784 meeting at a coffee house on St. George's Square which led to the formation of the Bank of New York company.The bank operated without a charter for seven years.[7] The initial plan was to capitalize the 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.
Operations
BNY offers technology, services and expertise across its platforms to support clients on a global scale, helping them create, administer, manage, transact, distribute and optimize their assets. BNY's businesses include BNY Investments, BNY Wealth and BNY Pershing.[123]
BNY operates in 35 countries in the Americas, Europe, the Middle East and Africa (EMEA), and Asia-Pacific.[126][127] The company employed 53,400 people As of .[128] 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.[104] In July 2018, the company changed its headquarters again, this time to its existing
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.[180][181]
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.
Recognition and rankings
As of 2024, BNY is the world's largest custody bank,[213][214] the sixth-largest investment management firm in the world,[215] and the seventh-largest wealth management firm in the United States.[107] In 2018, BNY ranked 175 on the Fortune 500[216] and 250 on the Financial Times Global 500.[217] By 2024, it ranked 130th on the Fortune 500 list.[218]
Sponsorships
Since 2012, BNY has expanded its number of sponsorships.[227] BNY was the title sponsor of the Oxford and CambridgeBoat Race from 2012 to 2015.[227][228][229] The company also sponsors the Head of the Charles Regatta in Boston.[227] In 2013, the company became a 10-year sponsor of the San Francisco 49ers and a founding partner of Levi's Stadium.[230] The company is a regular sponsor of the Royal Academy of Arts in London,[231]
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.[8][9]
Its first offices were in the old Walton Mansion in New York City.[10][11] In 1787, it moved to a site on Hanover Square that the New York Cotton Exchange later moved into.
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 PresidentGeorge Washington.[12]
The Bank of New York was the first company to be traded on the New York Stock Exchange when it first opened in 1792.[13] In 1796, the bank moved to a location at the corner of Wall Street and William Street, which would later become 48 Wall Street.[14]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.[15]
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.The bank helped finance both the War of 1812 and the Union Army during the American Civil War.[16][17] Following the Civil War, the bank loaned money to many major infrastructure projects, including utilities, railroads, and the New York City Subway.[18]
Through the early 20th century, the Bank of New York continued to expand and prosper.[19][17] In July 1922, the bank merged with the New York Life Insurance and Trust Company.[20] The bank continued to profit and pay dividends throughout the Great Depression, and its total deposits increased during the decade.[19][17] In 1948, the bank again merged, this time with the Fifth Avenue Bank, which was followed by a merger in 1966 with the Empire Trust Company.[18][17] The bank's holding company was created in 1969.[18]
In 1988, the Bank of New York merged with Irving Bank Corporation after a year-long takeover bid by Bank of New York.[21] 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, 1988.[22][23][24]
From 1993 to 1998, the bank made 33 acquisitions, including acquiring JP Morgan's Global Custody Business in 1995.[17] Ivy Asset Management was acquired in 2000.
In the 1990s, Vladimir Kirillovich Golitsyn or "Mickey" Galitzine 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.[26][30][32][33][34] Bank of New York had correspondent accounts for several Russian banks including Inkombank, Menatep , Tokobank , Tveruniversalbank , Alfa-Bank , Sobinbank , Moscow International Bank and others.[35][36]
In October 2002, Bank of New York entered into an alliance with ING to gain a stronger footing in Eastern European markets.[43]
In 2003, Bank of New York acquired Pershing LLC, the stock clearing unit of Credit Suisse First Boston for $2 billion.[17][44] The Pershing acquisition made BNY the nation's largest clearing firm for stock trades.[45] EMAT and the wealth management firm Lockwood Financial Partners, which was originally formed as Lockwood Advisors in 1995 and was based in Malvern, Pennsylvania, specialised in providing independent financial investment advisory services to brokers of high-net-worth individuals; it went on to become one of the largest independent advisory companies in the United States before both firms were sold to the Bank of New York in 2002, while Gerald L Hassell was president of Bank of New York. Lockwood and Pershing LLC were folded into the BNY Securities Group under the Pershing umbrella in October 2003, with Joseph M. Velli heading the BNY Securities Group. It allowed Bank of New York to compete against U.S. Trust, J.P. Morgan Chase, as well as those more brokerage-oriented organizations for private banking clients.[46]
In 2005, the bank paid a $14 million settlement to the Russian government concerning the money laundering activities of a rogue employee in the 1990s.[51][52] This scandal has sometimes been called Russiagate.[53]
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.[75]
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.[76] 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.Both Gulf Oil and Alcoa are, according to the financial media, considered to be T. Mellon & Sons' most successful financial investments.[77]
In 1902, T. Mellon & Sons' name was changed to the Mellon National Bank.[78] 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 US$1 billion bank.[79]
The bank formed the first dedicated family office in the United States in 1971.[80] 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.[76][78]
Mellon Bank acquired multiple banks and financial institutions in Pennsylvania during the 1980s and 1990s.[81] In 1992, Mellon acquired 54 branch offices of Philadelphia Savings Fund Society, the first savings bank in the United States, founded in 1819.[82]
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.[78] 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.[78]
Merger
On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced they would merge.[83] 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.[10][83] The companies anticipated saving about $700 million in costs and cutting around 3,900 jobs, mostly by attrition.[10]
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.[16] 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.[83] The merger was finalized on July 1, 2007. The company's principal office of business was located at the One Wall Street office previously held by the Bank of New York. 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.[84][85]
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 2008 financial crisis.BNY Mellon won the assignment, which included handling accounting and record-keeping for the program, through a bidding process.[86] In November 2008, the company announced that it would lay-off 1,800 employees, or 4% of its global workforce, due to the 2008 financial crisis.[87] 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.[88] 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.[89][90]
By 2013, the company's capital had steadily recovered from the 2008 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.[95] It was also a top performer on the same test in 2014.[96]
BNY Mellon began a marketing campaign in 2013 to increase awareness of the company that included a new slogan and logo.[97][98]
In 2013, the bank started building a new IT system called NEXEN.[99][100] NEXEN uses open source technology and includes components such as an API store, data analytics, and a cloud computing environment.[101][102]
In May 2014, BNY Mellon moved its global headquarters from 1 Wall Street[103] to Brookfield Place, following the sale of the former building.[104] In June 2014, the company combined its global markets, global collateral services and prime services to create the new Markets Group,[105] also known as BNY Markets Mellon.[106] The company expanded its Hong Kong office in October 2014 as part of the company's plans to grow its wealth management business.[107]
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.[108][109][110]
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.[111]
In November 2017, BNY Mellon performed the United States banking industry's first real-time payment transaction using a system set up by The Clearing House.The transaction moved a nominal amount between accounts at BNY Mellon and U.S. Bancorp in three seconds, inaugurating the first new payment clearance and settlement system for the US in over 40 years.[112]
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.[113][114] 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.[115]
In February 2020, Mellon announced that it has successfully onboarded Liontrust Asset Management to its new Investment Operations platform.[116]
In early 2023, BNY Mellon's Pershing unit announced the addition of real-time payments to its investor portal.[117] In June 2023, BNY Mellon's Pershing X launched wealth management platform Wove.[118] In July 2023, BNY Mellon became an early adopter of Federal Reserve's instant payment rail, FedNow.[119] That same year, BNY made history by selecting minority-, veteran-, and woman-owned firms as bookrunners for a $500 million debt offering.[120] Additionally, the company increased its minimum wage for U.S.-based employees by 12.5%, raising the hourly rate from $20.00 to $22.50, and expanded its mental health resources.[121]
In June 2024, BNY Mellon announced an update to its logo and a simplification of its corporate brand to BNY.[122] As part of this rebranding, BNY Mellon Investment Management was renamed BNY Investments, BNY Mellon Wealth Management became BNY Wealth, and BNY Mellon Pershing was shortened to BNY Pershing.[123]
In mid-2025, it was reported that BNY Mellon approached Northern Trust about the possibility of a merger. The firms had conversations but BNY's CEO declined to comment publicly, stating focus remains on "organic growth."[124]
In April 2026, the US Treasury announced BNY Mellon would be designated as a financial agent to manage initial Trump accounts, while also partnering with Robinhood to develop an app and provide customer service.[125]
240 Greenwich Street
location in New York (previously addressed 101 Barclay St).
BNY is an international financial services company that helps clients manage, move and safekeep their assets across the entire financial lifecycle. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. BNY also supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard assets for individuals.[132]
BNY had $45.7 trillion in assets under custody and $1.8 trillion in assets under management as of September 2023.[133] Those figures rose to $49.5 trillion in assets under custody and/or $2.0 trillion in assets under management by June 2024.[134] The financial services offered by the business include asset servicing, alternative investment services, broker-dealer services, corporate trust services and treasury services.[127][135] Other offerings include global collateral services, foreign exchange, securities lending, middle and back office outsourcing, and depository receipts.[127][135][136] The bank's clients include a significant portion of Fortune 500 companies, top endowments, pension and employee benefit funds, life and health insurance companies, and leading universities.[137][138]
In 2014, the company established the Markets Group, providing services in collateral management, securities finance, foreign exchange and capital markets.[105] This group is now known as BNY Markets.[106]
BNY Investments
BNY Investments is an asset management group that manages nearly $2 trillion in assets.[134] It provides investment solutions through its specialist firms, which include ARX Investimentos, Dreyfus, Insight Investment, Mellon Investments Corporation, Newton Investment Management, Siguler Guff & Company, and Walter Scott & Partners.[139] Each firm operates with its distinct approach to investment management across various asset classes.
BNY Pershing
BNY Pershing provides clearing and custody, trading and settlement services, a variety of investment solutions, middle and back office support, data insights and business consulting to clients in the wealth and institutional segments.[140][141]
BNY Investments
BNY Investments is an asset management group that manages nearly $2 trillion in assets.[134] It provides investment solutions through its specialist firms, which include ARX Investimentos, Dreyfus, Insight Investment, Mellon Investments Corporation, Newton Investment Management, Siguler Guff & Company, and Walter Scott & Partners.[139] Each firm operates with its distinct approach to investment management across various asset classes.
BNY Pershing
BNY Pershing provides clearing and custody, trading and settlement services, a variety of investment solutions, middle and back office support, data insights and business consulting to clients in the wealth and institutional segments.[140][141]
BNY Wealth
BNY's Wealth business handles the private banking, estate planning, family office services, and investment servicing and management of high-net-worth individuals and families.[127][142] 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.[142] As of 2014, it ranks 7th among wealth management businesses in the United States.[142]
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.[143] Hassell had been Chairman and CEO since 2011, after serving as BNY Mellon's president from 2007 to 2012[144] 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.[145] Robin A. Vince was appointed president and CEO in August 2022, succeeding Gibbons.Upon his appointment, Robin Vince also became a member of the company's board of directors.[146][147]
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.[148]
Company culture
In 2008, BNY Mellon formed a Board of Directors corporate social responsibility committee to set sustainability goals.[159] The company's corporate social responsibility activities include philanthropy, social finance in the communities the bank is located in, and protecting financial markets globally.[160]
The bank's philanthropic activities include financial donations and volunteerism.The company matches employee volunteer hours and donations with financial contributions through its Giving at BNY program.[161] Between 2010 and 2012, the company and its employees donated approximately $100 million to charity.[162] In 2014, the company worked with the Forbes Fund to create a platform that connects nonprofit organizations with private businesses to solve social challenges.[163]
In May 2015, BNY Mellon agreed to pay $180 million to settle a foreign exchange-related lawsuit.[183]
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.[184] 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.[185] BNY Mellon agreed to pay $12.5 million to settle the 2016 lawsuit in December 2018.[186]
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.[187][188]
In August 2008, the number of affected individuals was raised to 12.5 million, 8 million more than originally thought.[189][190]
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.[191] 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.[192] 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.[193]
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.[194] 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.[194]
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.[195][196]
In September 2018, the company began to permit public access to a portion of the lobby.[197] However, BNY Mellon remains in violation of its agreement, as the lobby must be accessible to the public 24 hours a day.[198] 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.[199]
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.[200] The U.S. SEC found the firm in violation of the Foreign Corrupt Practices Act.[201] The case was settled for $14.8 million.[202]
In March 2019, BNY Mellon staff considered legal options after the company banned employees from working from home.[203] In particular, staff cited concerns regarding the impact on childcare, mental health, and diversity.[204] The company reverted the ban as a result of employee outcry.[205]
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.[206][207]
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.[208][209]
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.[210]
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.[211][212]
It was named one of world's 50 Safest Banks by Global Finance in 2013 and 2014,[219][220] and one of the 20 Most Valuable Banking Brands in 2014 by The Banker.[221] BNY was named on the Dow Jones Sustainability North America Index in 2013,[222] 2014 and 2015, and the World Index in 2014,[223] 2015[224] and 2016.[225] BNY has also been named among the World's Most Admired Companies by Fortune.[5]
The bank claims to be the longest-running bank in the United States,[226] though this distinction is sometimes disputed by rivals and historians.[6] The Bank of North America, chartered in 1781, was eventually acquired by Wells Fargo after a series of mergers.Similarly, The Massachusetts Bank became part of Bank of America through a series of acquisitions. The Bank of New York remained independent, acquiring other companies, until its merger with Mellon. BNY is generally recognized as one of the three oldest banks in the U.S.[6]
BNY's Wealth business handles the private banking, estate planning, family office services, and investment servicing and management of high-net-worth individuals and families.[127][142] 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.[142] As of 2014, it ranks 7th among wealth management businesses in the United States.[142]
In July 2024, BNY announced that Hanneke Smits would retire at the end of 2024, with Jose Minaya to become the next head of BNY Investments and BNY Wealth.
As of 2024, the company's board members were Linda Z. Cook, Joseph J. Echevarria, M. Amy Gilliland, Jeffrey A. Goldstein, K. Guru Gowrappan, Ralph Izzo, Sandie O'Connor, Elizabeth E. Robinson, Robin Vince, and Alfred W. "Al" Zollar.[158]
The CDP, which measures corporate greenhouse gas emissions and disclosures, gave the company A ratings between 2013 and 2021.[164] 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.[165]
The company has business resource groups for employees that are focused on diversity and inclusion.[160][166] In 2009, Karen Peetz co-founded the BNY Mellon Women's Initiative Network (WIN), a resource group for female employees' professional development.[167] As of 2013, WIN had 50 chapters.[168] Other groups include PRISM for LGBT employees, IMPACT, which serves multicultural employees, HEART for employees with disabilities, GENEDGE, intergenerational resource group, and VETNET for veterans, military spouses, family members and their colleagues.[166][169][170] The bank has services for returning military, including a tool to help veterans align military skills and training with jobs at the company.[171] 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.[172]
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.[173]
In 2022, BNY Mellon released The Pathway to Inclusive Investment, a report focused on the gender-investment gap.[174] The research surveyed 8,000 respondents across 16 markets globally with combined assets of $60T.The report identified barriers to investment and ways that the industry could overcome them, indicating that if were women to invest at the same rate as men, this would unlock an estimated $3.2T of additional capital.[175]
In 2023, BNY hired Meaghan Muldoon, the firm's first Chief Sustainability Officer.[176]
As of 2024, BNY has been included in the Dow Jones Sustainability Indices, recognized by the Human Rights Campaign Foundation's Corporate Equality Index, and listed on the FTSE4Good Global Benchmark Index, Bloomberg's Gender-Equality Index, and the JUST Capital's JUST 100 list.[177][178][179]
