Welcome to our dedicated page for Bank New York Mellon news (Ticker: BK), a resource for investors and traders seeking the latest updates and insights on Bank New York Mellon 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 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.
On November 18, 2020, Dreyfus Cash Investment Strategies (a BNY Mellon firm managing $254bn) announced an optimization of its money market fund range. Changes include a streamlined offering of 19 funds across three families, a uniform pricing structure, and reduced management fees in select funds. Additional enhancements include lower investment minimums and technology upgrades for trading platforms. These actions reflect Dreyfus CIS's commitment to adapt to client needs while maintaining a strong financial stewardship record.
BNY Mellon Wealth Management has appointed Adam Innerst as the new Market President for Houston, TX. He will oversee client strategists, wealth managers, and support staff, and report to Todd Carlton, Regional President. Innerst previously held senior roles at Bank of America Private Bank, Northern Trust, and J.P. Morgan, and is a licensed attorney and accountant. BNY Mellon Wealth Management manages $265 billion in client assets as of Sept. 30, 2020, and aims for strategic growth and enhanced financial services delivery through Innerst's leadership.
BNY Mellon has launched MarginConnect, a new margin messaging capability designed for buy-side investment managers. This platform enables them to control the collateralization of non-cleared derivatives without relying on the costly SWIFT network. By integrating with AcadiaSoft, users can send direct collateral instructions effortlessly, streamlining operations and reducing operational risks. As of September 30, 2020, BNY Mellon managed $38.6 trillion in assets, emphasizing its significant presence in the financial services sector.
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