Bank of New York, the oldest bank in the U.S., and Mellon Financial Corporation said December 4 that they will merge, forming a powerful global firm that will diversify their businesses both geographically and by revenue sector.
The new firm, named Bank of New York Mellon Corporation, will be New York-based and will rank number one in clearing services, issuer services, and as a global custodian, with $16 trillion in assets under custody. The combined company will have more than $1 trillion in assets under management, making it one of the top five asset managers in the U.S and one of the top 10 globally, according to a presentation to press and analysts.