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Finance · Profile from Finance Research Companion

BNY (The Bank of New York Mellon Corporation)

The oldest bank in the United States and the largest custodian in the world. It was founded by Alexander Hamilton and partners in 1784, and in 2007 it merged with Pittsburgh's Mellon Financial. Today it is a bank that almost no consumer uses directly but almost every financial institution depends on. It holds, counts, settles, lends and reports on ~$63tn of other people's assets (September 2026). It clears trades for broker-dealers through Pershing, acts as a clearing bank in the US Treasury repo market, and runs an asset manager with ~$2.2tn under management. Its business is plumbing. It earns tiny fees on enormous balances, and it is judged by whether the pipes ever leak. They have leaked: in the 1985 Treasury computer failure, the foreign-exchange pricing scandal settled for $714m in 2015, and the 2015 fund-pricing outage. Since 2022 Robin Vince has rebuilt it around a "platforms operating model", an in-house AI platform called Eliza, and digital-asset custody. Returns have risen to the high twenties on tangible equity, and the company dropped "Mellon" from its brand in 2024 and its ticker in 2026.

At a glance

Founded
Bank of New York: organised February 1784, opened June 9, 1784 (Alexander Hamilton among the founders). Mellon: T. Mellon & Sons, Pittsburgh, 1869. Merged as The Bank of New York Mellon Corporation July 1, 2007
Builders
Alexander Hamilton (founder, 1784); Thomas Mellon and Andrew W. Mellon (Mellon Bank); J. Carter Bacot (BNY chairman, Irving takeover 1988); Thomas Renyi (BNY CEO 1997–2007; Pershing 2003, JPMorgan swap 2006); Robert Kelly (first BNY Mellon CEO, 2007–11); Gerald Hassell (2011–17); Charles Scharf (2017–19); Thomas "Todd" Gibbons (2019–22); Robin Vince (CEO from August 2022)
Headquarters
240 Greenwich Street, New York (bought 2018 for ~$352m, reported); large operations centre in Pittsburgh (BNY Mellon Center)
Ownership / structure
Public. NYSE ticker changed from BK to BNY on May 21, 2026. Legal name still The Bank of New York Mellon Corporation. Financial holding company; main bank The Bank of New York Mellon (New York state-chartered, Fed member). A US global systemically important bank (G-SIB)
Leadership (2026)
Robin Vince, chairman (verify), president and CEO; Dermot McDonogh, CFO (verify)
Segments
Securities Services (asset servicing, issuer services incl. corporate trust and depositary receipts); Market and Wealth Services (Pershing, Treasury Services, clearance and collateral management); Investment and Wealth Management (BNY Investments incl. Dreyfus, Insight, Newton, ARX; BNY Wealth)
Scale
Assets under custody and/or administration (AUC/A) $63.4tn and AUM $2.2tn at September 30, 2026 (company); AUC/A $59.3tn at end-2025; total assets in the ~$400–450bn range (verify); ~50,000 employees (verify)
Revenue and profit
2025: total revenue $20.08bn (+8%), net income to common $5.31bn (+22%), diluted EPS $7.40 (company). Q3 2026: diluted EPS $2.34 (+24%), pre-tax margin 38.5%, ROTCE 29.0%, revenue ~$5.7bn (reported, verify exact)
Government support
$3bn of TARP preferred (October 2008), repaid June 2009; named master custodian for TARP itself (October 2008)
Signature moves (incl. failures)
Founding and first loan to the federal government (1784–92); the 1985 Treasury computer failure; Pershing (2003); the retail-for-corporate-trust swap with JPMorgan (2006); the Mellon merger (2007); FX pricing litigation and the $714m settlement (2011–15); the SunGard NAV outage (2015); digital-asset custody and stablecoin services (2022–26); the platforms operating model under Vince (2022–26)

9 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1784

    Founding by Hamilton

    Founding

  2. 1985

    Treasury Securities Computer Failure

    Failure / operational

  3. 2003

    Pershing Acquisition

    Acquisition

  4. 2006

    Retail Branch Swap with JPMorgan

    Divestiture / acquisition (asset swap)

  5. 2007

    Mellon Merger

    Merger (of equals)

  6. 2011

    FX Pricing Lawsuits and 714m Settlement

    Regulatory settlement

  7. 2015

    NAV Outage SunGard

    Failure / operational

  8. 2022

    Digital Asset Custody and Stablecoins

    Launch

  9. 2022

    Platform Operating Model and Vince Turnaround

    Restructuring / AI launch