Mellon Financial

Provides banking and mutual funds.

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One Mellon Center
Pittsburgh, PA 15258
Employees: 16,800
CEO: David Lamere
Stock Symbol: MEL


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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 Management Limited.

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.


Medical Benefits
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.

Dental Options
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.
Vision Coverage
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.
Eligible Dependents
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.
Disability Coverage
- 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.

401(k) Plan
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.

Pension Plan
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 Mellon employees.
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.
Tuition Assistance
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.
PBS Caregiving
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, visit
Flex Vacation
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.
Educational Seminars
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.
Adoption Leave
Mellon provides eligible employees up to six weeks of paid adoption leave.
Back-Up Childcare
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.

Transportation Benefit
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