Bank of New York Mellon
One Wall Street
New York, NY 10286
CEO: Gerald Hassell
Stock Quote: BK
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.
The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $25.8 trillion in assets under custody and administration, more than $1.26 trillion in assets under management and services $11.8 trillion in outstanding debt
The company was formed by the merger of
Bank of New York and the Mellon Corp. in 2007.
In 2011, the company reported revenues of $11.5 billion and net income of $2.51 billion.
The company announced in August 2011 plans to eliminate 1,500 jobs. Gerald Hassell was named new CEO at the end of August after Robert Kelly stepped down due to a disagreement with the company's Board of Directors.
The Bank of New York, New York's first
bank, opened for business at the Walton House in Lower Manhattan
on June 9, 1784, only a few months after the departure of British
troops from American soil. The bank was created after a small
ad in a newspaper inviting top businessmen to assist in the creation
of a new bank.
The fledgling nation sought economic credibility
during a period when its monetary system was complex and confusing.
Alexander Hamilton, a highly respected
New York attorney and future statesman, was enlisted to write
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, and leaving a lasting imprint on
The Bank's philosophy that remains with us today.
As Secretary of the Treasury in George
Washington's first cabinet, Alexander Hamilton negotiated the
first loan obtained by the new government in 1789 for $200,000.
This was a milestone that helped establish the credit of the
U.S. government and its independence.
The New York Stock Exchange was formed
in 1792, and the first corporate stock to be traded on the NYSE
was The Bank of New York.
The Bank of New York would go on to finance ports and transportation networks in the state including the Erie Canal and New York Subway. The bank was an important contributor to the growth of New York as a financial center.
On Jan. 15, 2010, BNY Mellon sold Mellon United National Bank ("MUNB"), a national bank subsidiary located in Florida.
Health and Welfare Benefits
You may choose from a range of options designed to provide you
and your covered dependents with high-quality healthcare, including
prescription drug coverage, at reasonable costs.
Dental coverage is available to help with the cost of routine
dental care services for you and your family. Depending on the
option you choose, your plan may include orthodontic coverage.
The Company offers vision coverage for exams, glasses or
contact lenses, and other services.
Flexible Spending Accounts
You can make Federal tax-free contributions to Dependent
Care and/or Healthcare Flexible Spending Accounts (FSAs). Depending
on your tax bracket, you could have significant tax savings as
a result of the money contributed into the FSAs.
You can elect to cover eligible dependents under many company-provided
The Company provides a life insurance benefit to help provide
financial security for your family in the event of your death.
Accidental Death & Dismemberment
Accidental Death & Dismemberment (AD&D) provides
financial protection for you or your family if you suffer a severe
injury or death.
Travel Accident Insurance
The Company provides Travel Accident Insurance at no cost
to you. This coverage pays a benefit in the event of your accidental
death while traveling on Company-related business.
The Company provides sick leave and short-and long-term disability
programs that replace all or a portion of your income if you
become seriously ill or disabled.
Dependent Life Insurance
You may elect Dependent Life Insurance coverage to provide
financial protection for your family in the event of your dependent's
The Bank of New York Mellon offers a variety
of programs and services designed to support employees as they
balance their work and personal responsibilities.
Employee Assistance Program
The Employee Assistance Program (EAP) is designed to provide
confidential assistance to you for personal problems that may
disrupt job performance, family or community life. These concerns
include family discord; alcoholism and drug dependency; and financial,
legal, emotional or other personal problems, such as illness
or adapting to a stressful environment.
The Company strongly encourages you to continue your professional
development through the enhancement of your skills, abilities
and education. The tuition assistance program offers qualified
employees the opportunity to enhance their careers through the
reimbursement of tuition upon successful completion of career-related
course at accredited colleges, universities and institutes.
The Company respects your need to take time away from work
to be with your family or simply relax. Qualified employees are
eligible for paid vacation based on job title and years of service.
The Bank of New York Mellon offers retirement
benefits to help you plan for a more financially secure future.
Eligible employees may contribute to the 401(k) retirement
savings plan on a pre-tax basis and receive Company-matching
contributions. The plan offers a full range of investment options
to meet your personal savings goals. Rollovers from qualified
retirement plans may be accepted.
The Company offers a Pension Plan to eligible employees at
no cost to you.