500 Job Source
One Mellon Center
Pittsburgh, PA 15258
CEO: David Lamere
Stock Symbol: MEL
Mellon is one of the world's leading providers of financial services
for institutions, corporations and high net worth individuals,
providing institutional asset management, mutual funds, private
wealth management, asset servicing, payment solutions and investor
services, and treasury services.
Mellon has approximately $5.8 trillion
in assets under management, administration or custody, including
$1.034 trillion under management. Its asset management companies
include The Dreyfus Corporation and U.K.-based Newton Investment
The company announced in May it would merge
with the Bank of New York to create Bank of New York Mellon Corp.
The deal is awaiting approval of The Federal Reserve. It will
be among the world's leading securities servicers, with assets
under custody and administration expected to exceed $18 trillion,
and a leading global corporate trustee, with assets under trusteeship
anticipated to be more than $8 trillion. It also will rank among
the top 10 global asset managers with assets under management
exceeding $1 trillion.
In 2006, the company reported revenues
of $6.3 billion and net income of $898 million.
Retired Judge Thomas Mellon and his sons,
Andrew W. and Richard B., founded T. Mellon & Sons' Bank
in Pittsburgh in 1869. In 1902, T. Mellon & Sons' Bank joined
the national banking system as Mellon National Bank.
In 1929, Richard B. Mellon formed Mellbank
Corporation, a bank holding company for many western Pennsylvania
banks. Working together, Mellon and the Mellbanks survived the
economic crises that followed the stock market crash.
Mellon merged with the Union Trust Company
in 1946 to become Mellon National Bank and Trust Company. It
also entered the retail banking market by expanding its branch
network and merging with Mellbank.
In 1972, a one-bank holding company, Mellon
National Corporation, was formed. Mellon National Bank and Trust
Company became Mellon Bank, N.A.
Mellon acquired The Boston Company in 1993,
a leading provider of institutional trust and custody, institutional
asset management, private banking, jumbo mortgages and mutual
fund custody services, from Shearson Lehman Brothers, a subsidiary
of the American Express Company.
Mellon would acquire Dreyfus Corporation
in 1994, one of the nation's largest and oldest mutual fund companies.
Mellon offers a preferred provider organization health insurance
program with three options designed to provide high-quality healthcare
at reasonable costs, a consumer-driven Health Savings Account
(HSA) health plan and you may have the option to choose an HMO,
depending on the area in which you live.
Mellon offers three options of dental coverage 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 for children as well as adults.
Mellon offers vision coverage for exams, glasses or contact lenses,
as well as discounts for laser surgery through a network of eyecare
doctors. In-network and out-of-network benefits are available.
Flexible Spending Accounts
You can make Federal tax-free contributions to Dependentcare
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 enroll your dependents in medical, dental, vision, and
dependent life insurance coverage. Dependents include: your spouse;
domestic partner (same or opposite sex); unmarried, dependent
children, and children for whom you have legal custody and the
duty of court ordered financial support.
Life Insurance Options
Mellon provides life insurance coverage of 1.5 times annual base
salary at no cost. You may waive or elect $10,000 of coverage
and receive money back or elect additional coverage up to a maximum
of 5 times your annual base salary.
Accidental Death & Dismemberment
Basic Accidental Death & Dismemberment (AD&D) is automatically
provided by Mellon at no cost. Basic coverage equals 2 times
annual base salary. You may elect additional coverage up to a
maximum of 5 times your annual base salary.
Travel Accident Insurance
Mellon provides Travel Accident Insurance of 4 times your annual
base salary while on Mellon business and travel between your
residence and place of employment at no cost.
- Short-Term Disability (STD): Mellon automatically provides
STD at no cost to you. While on STD you will receive up to 100%
of your base pay.
- Long-Term Disability (LTD): Mellon provides you with
LTD coverage in the amount of 60% of your base salary at no cost.
You may elect to decrease your coverage to 50% and receive money
back or increase coverage to 70% of your base salary.
Dependent Life Insurance
You can enroll your dependents in one of two coverage options
- $10,000 for your spouse or domestic partner and $5,000 for
each dependent child; or
- $25,000 for your spouse or domestic partner and $15,000 for
each dependent child.
One monthly premium covers all of your eligible dependents.
Benefited employees are eligible to begin participation in the
Mellon 401(k) Retirement Savings Plan after completing the 401(k)
enrollment process. Participants can contribute, on a pre-tax
basis, from 1% to 75% of their eligible semi-monthly base pay.
Mellon will match $.65 in Mellon Financial Corporation Common
Stock for every $1 contributed (up to 6%) by participants. Participants
are 100% vested after completing 3 years of service. The Plan
offers a full range of investment choices. Rollovers from qualified
retirement plans may be accepted.
Mellon offers a Pension Plan at no cost. Employees are vested
after completing five years of service.
Employee Assistance Program
The Employee Assistance Program (EAP) service 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;
financial, legal, emotional or other personal problems, such
as illness or adapting to a stressful environment.
Every day, you try to find enough time for your family, your
job, your community and your life. Whether you're planning for
retirement, preparing for a new baby or new home, or just coping
with the ups and downs of everyday life, sometimes you can get
tired of juggling. That's why Mellon is offering LifeWorks -
a free, confidential resource program designed to assist employees
and their family members in the same household. LifeWorks can
help you run your lives more smoothly by giving you contacts,
information and practical solutions on a wide range of everyday
issues, including parenting and childcare, education, legal concerns,
older adults, work, midlife and retirement, managing people,
financial concerns and health.
Special Needs Rooms
These rooms are designed to provide a private, secure, and confidential
space for medical work life needs. There are 10 Special Needs
Rooms across the country. These facilities are available to all
Sick Childcare Reimbursement
This program assists employees by reimbursing a portion of the
expenses incurred in caring for a sick child if your child cannot
attend their usual childcare setting, and if you need to pay
for an alternative care arrangement.
At Mellon, we strongly encourage the continual development of
our employees and support the enhancement of their skills, abilities,
and education. The Tuition Assistance Program, available to all
full and part-time benefited employees, reimburses tuition according
to the grade received for business/job related degrees or courses
required for business/job related degrees. Full-time employees
are eligible for $5,000 in reimbursements per calendar year.
Part-time benefited employees are eligible for $2,500 in reimbursements
per calendar year.
Mellon was the proud sponsor of a PBS television documentary
hosted by Joe Mantegna, "And Thou Shalt Honor," which
explored the issue of caregiving as the population continues
to age. In the documentary, Mellon Vice Chairman Allan Woods
discussed the role that corporations should take in assisting
employees with their caregiving responsibilities, and Pam Haddad,
a Mellon Global Cash Management employee, shared her personal
caregiving experience. For more information about the documentary,
Mellon offers the opportunity to purchase additional vacation
time to help you balance your work and family responsibilities.
You may choose to purchase up to five additional vacation days.
Mellon offers a variety of resources to help you lead a healthy
lifestyle. Programs such as on-site blood drives, flu shots,
tai chi classes and yoga classes are offered, in addition to
discounts to a nationwide network of health and fitness facilities.
Through our WorkLife program, we offer on-site educational seminars
at many locations on a variety of topics including, stress management,
parenting, eldercare, getting and staying fit the healthy way,
and time management.
Flexible Work Arrangements
These arrangements provide opportunities for employees to balance
their work schedules and personal commitments. We provide guidelines
and tools to help determine if a flexible work arrangement is
appropriate for your position. Possible work arrangements such
as compressed work week, flex time, job sharing, part-time, and
telecommuting are available.
Mellon provides eligible employees up to six weeks of paid adoption
Mellon provides center-based back-up childcare to help meet your
caregiving needs. This program offers a safe childcare center
where trained caregivers take care of your dependent children
when your regular care provider is unavailable. Center-based
backup childcare is available for full-time and part-time benefited
employees who work in Boston, Los Angeles, New York, NY, Northern
NJ, Philadelphia or Pittsburgh.
The Mellon Transportation Benefit (MTB) program offers all benefited
employees an opportunity to reduce their taxable income for qualified
parking and public transportation expenses incurred while traveling
between home and work.
Employee Stock Purchase Plan (ESPP)
Mellon offers eligible employees another way to expand their
ownership interest through the Employee Stock Purchase Plan (ESPP).
You can contribute from 1% to 15% of your base pay. At the end
of each three-month purchase period, your after-tax contributions
are used to purchase full and fractional shares of Company stock
at a discounted price. And, you pay no brokerage or transaction
fees on your stock purchase. You can hold the stock you purchase
through the ESPP and share in any future growth, or sell it after
it is deposited into your account.
Updated June 10, 2007