Welcome to our dedicated page for Bank of New York Mellon Corporation news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank of New York Mellon Corporation stock.
BNY, officially known as The Bank of New York Corporation (NYSE: BK), stands as a global leader in the financial services sector. With a rich heritage dating back over 240 years, BNY offers a comprehensive suite of services aimed at managing and servicing financial assets for institutions, corporations, and individual investors.
Operating in 35 countries and more than 100 markets, the company provides investment management and investment services with unparalleled expertise. As of March 31, 2024, BNY oversees an impressive $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. This makes BNY the world's largest global custody bank, serving as a vital partner to its clients by facilitating the creation, trading, holding, managing, servicing, distributing, or restructuring of investments.
BNY's client base includes over 90% of Fortune 100 companies, nearly all the top 100 banks globally, and an extensive roster of governments, pension plans, and more. The company's vast influence and industry leadership are further cemented by its recent collaborations and initiatives aimed at democratizing financial services. These include strategic partnerships with minority depository institutions (MDIs) such as Ponce Bank, along with other mission-driven financial firms like Optus Bank, MoCaFi, and IntraFi.
One of the latest milestones for BNY is the enhancement of Pershing X's Wove platform, which aims to revolutionize wealth management by providing interconnected advisory tools for registered investment advisors, broker-dealers, and wealth management firms. This innovation aligns with BNY's ongoing commitment to leverage cutting-edge technology for the benefit of its clients and the broader financial ecosystem.
With a workforce of over 50,000 employees worldwide and recognition from prestigious entities like Fortune and Fast Company for its workplace innovation, BNY continues to set industry standards. The firm remains dedicated to helping its clients achieve their financial ambitions by putting its extensive expertise and platforms to work, ensuring that money moves efficiently and securely across the globe.
BNY Mellon and Amundi have established a transatlantic collaboration aimed at enhancing growth through integrating their technological platforms. The integration involves BNY Mellon OMNI and Amundi's ALTO, providing clients with improved portfolio management, risk management tools, and operational efficiencies. Key benefits include real-time insights for investment decisions, increased automation, reduced risk, and enhanced innovation. This alliance enhances the investment lifecycle for asset managers, ultimately aiming to optimize investment decision-making and ensure data consistency for better risk management.
BNY Mellon Investment Management has appointed Dawn Tutje as the Head of Financial Institutions Group in North America. Reporting to Andy Provencher, she will lead the go-to-market strategy for the firm's multi-asset investment platform across various channels, including Subadvisory/Insurance and Private Banking. Dawn brings significant experience from her previous role at Morgan Stanley Investment Management and various other firms. BNY Mellon manages $2 trillion in assets, continuing its strong position in the investment management industry.
On January 6, 2021, BNY Mellon Investment Management announced the appointment of Euan Munro as the new CEO of Newton Investment Management, pending approval from the Financial Conduct Authority in the UK. Munro, who will begin on June 23, 2021, brings over three decades of investment expertise, previously serving as CEO of Aviva Investors. He aims to enhance Newton's investment offerings, leveraging the firm's reputation in responsible investment. Andrew Downs will act as interim CEO until Munro's arrival.
BNY Mellon Wealth Management has appointed Charmaine Tang as Senior Client Strategist in Dallas. With over 25 years of experience in investment banking and private banking, she will cater to the wealth management needs of high net worth clients, family offices, and non-profit foundations. Charmaine's background includes senior roles at J.P. Morgan and Bank of America. This strategic move aims to enhance BNY Mellon's Active Wealth framework and strengthen its expertise in serving Endowments and Foundations, augmenting its $265 billion in total client assets as of September 2020.
BNY Mellon Investment Management announced the appointment of John Tobin as the new Chief Investment Officer (CIO) of Dreyfus Cash Investment Strategies (Dreyfus CIS), which manages $259.5 billion in assets. Tobin, who has over 30 years of experience in the money market industry, previously served at J.P. Morgan. His return to Dreyfus CIS aims to leverage his expertise to enhance client solutions and adapt to evolving market conditions. Current CIO Patricia Larkin will assist in the transition and exit in March 2021.
On December 18, 2020, the Federal Reserve announced the second round of bank holding company stress tests, highlighting BNY Mellon's strong capital position. The company plans to modify restrictions on share repurchases for Q1 2021 and maintain its common stock dividend, pending board approval. CEO Todd Gibbons expressed confidence in resuming the buyback program while ensuring robust capital ratios. BNY Mellon reported $38.6 trillion in assets under custody and $2.0 trillion in assets under management as of September 30, 2020.
BNY Mellon Wealth Management appointed Laura Kaplan as Market President for Miami, FL, overseeing the wealth management practice and reporting to Southeast President Kent Moegerle. Kaplan's extensive experience includes senior roles at Bank of America Private Bank, Deutsche Bank, and Citi Private Bank. BNY Mellon Wealth Management, with $265 billion in client assets as of Sept. 30, 2020, aims to enhance its offerings for ultra-high-net-worth individuals in the Southeast.
BNY Mellon Wealth Management has appointed Vincent Hayes as Head of the Global Family Office segment, effective immediately. He joins from the Family Office Exchange and brings over 20 years of financial services experience. Hayes will report to Catherine Keating, CEO of Wealth Management. This strategic move aims to enhance service to family offices, a key client segment for BNY Mellon, which manages approximately $265 billion in client assets. Hayes' background in commodities and family office advisory is expected to bring valuable insights to BNY Mellon.
BNY Mellon, represented by CEO Todd Gibbons and CFO Emily Portney, will participate in the Goldman Sachs 2020 US Financial Services Conference on December 9, 2020, at 8:40 a.m. ET. The discussion may feature forward-looking statements and significant insights regarding the company's operations.
A live audio webcast will be accessible via the BNY Mellon website, with an archival recording available from 5 p.m. ET on December 9 until January 8, 2021. As of September 30, 2020, BNY Mellon managed $2.0 trillion in assets.
BNY Mellon Wealth Management has appointed Dawn Guffey as Senior Director in Naples, responsible for managing portfolios and offering strategic advice to ultra-high-net-worth families. With a career spanning over 36 years at BNY Mellon, Guffey's experience includes roles as Chief Investment Officer and risk officer. Her extensive investment credentials are expected to enhance the Naples office's performance. BNY Mellon manages $265 billion in client assets and provides comprehensive wealth management services to individuals and families.
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