A global financial-services company specializing in investment management, asset servicing, custody, markets, and wealth management.
Last updated October 7, 2026
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Overview
BNY is the current corporate and commercial brand of The Bank of New York Mellon Corporation, a New York-headquartered financial-services company whose roots reach back to the founding of the Bank of New York in 1784. The original bank was established in the early years of the United States by a group that included Alexander Hamilton. It became an important source of credit for the new federal government and was the first company traded on the New York Stock Exchange when the exchange began operating in 1792. Its long history includes financing trade, infrastructure, transportation, utilities, railroads, and public-sector activity. The bank’s conservative lending tradition helped it remain active through several financial crises and allowed it to expand through mergers and acquisitions. The modern company was created in July 2007 through the merger of the Bank of New York and Mellon Financial Corporation. The transaction combined the Bank of New York’s securities-servicing, custody, clearing, and short-term-lending capabilities with Mellon’s investment-management and wealth-management businesses. The resulting corporation used BNY Mellon as its principal commercial brand for many years. In 2025, the company adopted BNY as its principal brand, while retaining The Bank of New York Mellon Corporation as its legal corporate name. BNY’s principal activities are conducted through institutional and professional financial-services businesses rather than a conventional consumer-banking network. Its services include asset management, investment administration, custody and securities servicing, collateral management, broker-dealer clearing, treasury and payment services, government finance, retirement and pension administration, and wealth management. Major operating platforms and business lines include BNY Investments, BNY Pershing, BNY Wealth, and the company’s custody and asset-servicing operations. The company serves asset managers, pension funds, insurers, banks, corporations, governments, family offices, financial advisers, and wealthy individuals. The company is widely described as the world’s largest custodian bank and securities-services provider. In September 2024, it reported approximately $2.1 trillion in assets under management and $52.1 trillion in assets under custody and administration, making it the first bank to exceed $50 trillion in custody and administration assets. These figures describe different activities: assets under management are managed for clients, while assets under custody and administration are held, processed, recorded, or serviced on behalf of clients. BNY’s scale makes it an important intermediary in global capital markets and a financial institution designated as systemically important by the Financial Stability Board. BNY has also invested heavily in technology and infrastructure. Its NEXEN program introduced application-programming interfaces, data analytics, open-source technologies, and cloud computing into its operating model. The company later expanded innovation facilities and digital capabilities focused on automation, data, payments, and investment workflows. It participated in the first U.S. banking-industry real-time payment transaction conducted through The Clearing House’s real-time payments system in 2017. The company’s history includes regulatory and reputational challenges. In 2005, it paid a settlement connected with money-laundering activity by a former employee in its Russian business during the 1990s. During the 2008 financial crisis, it served as master custodian for the U.S. Treasury’s Troubled Asset Relief Program and received, then repaid, government capital. Today BNY remains a publicly traded, internationally active financial-services company focused on the infrastructure and management of institutional assets rather than mass-market retail banking.
History
The Bank of New York was formed in 1784 after New York merchants and investors sought a local bank to support commerce and shipping. Alexander Hamilton was among the founders and later helped arrange the bank’s first loan to the federal government in 1789. The institution opened in New York City and moved to Hanover Square before relocating to the Wall Street area. In 1792, it became the first company traded on the newly established New York Stock Exchange. During the nineteenth century, the bank financed canals, steamboat operators, railroads, utilities, and other infrastructure. It supported government borrowing during the War of 1812 and the American Civil War. Its conservative credit practices helped it survive major periods of economic instability. In the twentieth century, it expanded through mergers, including combinations with New York Life Insurance and Trust Company, Fifth Avenue Bank, Empire Trust Company, and Irving Bank Corporation. Its acquisition of Irving in 1988 made 1 Wall Street its headquarters and strengthened its position in corporate banking and financial services. The Bank of New York accelerated its acquisition program during the 1990s and early 2000s. It acquired J.P. Morgan’s global custody business in 1995, bought Ivy Asset Management in 2000, and purchased Pershing from Credit Suisse First Boston in 2003. Pershing expanded the company’s role in broker-dealer clearing and financial-adviser services. The bank also acquired businesses serving high-net-worth clients, although it later exited much of its retail and regional middle-market banking activity. Mellon Financial’s origins were in Pittsburgh, where Thomas Mellon and his sons founded T. Mellon & Sons’ Bank in 1869. Mellon financed and invested in industrial companies including Alcoa, Westinghouse, Gulf Oil, General Motors, and Bethlehem Steel. The organization changed its name several times, developed a dedicated family-office business in 1971, expanded through Pennsylvania banking acquisitions, and bought The Boston Company and the Dreyfus Corporation in the 1990s. Mellon exited retail banking in the early 2000s and concentrated increasingly on asset management, institutional services, and wealth management. The Bank of New York and Mellon Financial announced their merger in December 2006, and the transaction closed on July 1, 2007. The new company combined Mellon’s investment-management expertise with the Bank of New York’s custody, securities servicing, clearing, and short-term-lending operations. It initially operated under the legal name The Bank of New York Mellon Corporation and used BNY Mellon as its principal business brand. The post-merger company became deeply involved in the response to the 2008 financial crisis. The U.S. Treasury selected it as master custodian for TARP, and the company received government capital that it subsequently repaid. It acquired Insight Investment from Lloyds Banking Group in 2009, PNC’s Global Investment Servicing business in 2010, and additional wealth-management operations. The company also reorganized its markets and collateral businesses, expanded internationally, and developed the NEXEN technology platform. From 2013 onward, BNY Mellon emphasized digital infrastructure, cloud computing, data analytics, APIs, and innovation centers. It moved its global headquarters from 1 Wall Street to Brookfield Place in 2014 and later designated 240 Greenwich Street as its headquarters location. It created a Markets Group, expanded its Hong Kong presence, and participated in the launch of U.S. real-time payments infrastructure. In 2022, Robin Vince became chief executive officer, succeeding Todd Gibbons. In 2025, the company adopted BNY as its principal brand, reflecting an effort to present a shorter identity across its investment, custody, wealth, clearing, and technology businesses.
- 2024
Custody assets exceed $50 trillion
[1]Reported assets under custody and administration reached approximately $52.1 trillion in September 2024.
- 2017
Real-time payments milestone
[1]BNY Mellon completed an early U.S. banking-industry real-time payment transaction through The Clearing House system.
- 2008
Selected as TARP master custodian
[1]The U.S. Treasury appointed the company to administer custody and records for TARP.
- 2007
Merger creates modern company
[1]The Bank of New York and Mellon Financial completed their merger on July 1, creating The Bank of New York Mellon Corporation.
- 2003
Pershing acquired
[1]The Bank of New York acquired Pershing’s clearing business, strengthening its broker-dealer and adviser-services platform.
- 1869
Mellon predecessor established
[1]Thomas Mellon and his sons founded T. Mellon & Sons’ Bank in Pittsburgh.
- 1792
First NYSE-listed company
[1]The Bank of New York became the first company traded on the New York Stock Exchange.
- 1789
First federal government loan
[1]The Bank of New York provided the United States government with an early loan arranged with Hamilton’s involvement.
- 1784
Bank of New York founded
[1]A group of New York investors including Alexander Hamilton established the predecessor institution of today’s BNY.
Products and positioning
A global institutional-finance infrastructure provider combining investment management with custody, asset servicing, clearing, payments, markets, and wealth-management capabilities.
Investment management
BNY Investments
BNY’s investment-management business provides portfolio management, institutional investment strategies, mutual funds, alternatives, and related investment capabilities for institutions, intermediaries, and individuals. Its heritage includes Mellon’s asset-management operations and businesses acquired or developed under the BNY Mellon group.
Broker-dealer and wealth infrastructure · 2003
BNY Pershing
BNY Pershing supplies clearing, custody, trading, technology, and practice-support services to broker-dealers, registered investment advisers, banks, and wealth-management firms. It enables financial professionals to administer client assets and execute securities transactions without building all underlying infrastructure themselves.
Wealth management
BNY Wealth
BNY Wealth provides investment management, private banking, lending, estate planning, and advisory services for wealthy individuals, families, family offices, foundations, and related institutions. The business developed from the company’s historic private-banking and wealth-management operations.
Asset servicing · 1784
Custody and securities services
BNY provides custody, fund administration, accounting, middle-office, collateral, corporate-action, transfer-agency, and securities-processing services. These operations support asset managers, pension funds, insurers, banks, corporations, and governments across global markets.
Financial technology platform · 2013
NEXEN
NEXEN was a technology program built around APIs, analytics, open-source components, and cloud computing. It was intended to modernize BNY Mellon’s client-facing and internal financial-services infrastructure.
Controversies
Marketing campaigns
- 2013BNY Mellon brand and awareness campaign
United States · Global
BNY Mellon introduced a refreshed logo, slogan, and marketing effort to improve awareness of a company better known within institutional finance than among the general public.
Outcome. Supported broader corporate-brand recognition.
Brand decisions
2025
Rebrand as BNYStrategyBackground
The company sought a shorter, unified identity for its investment, custody, clearing, wealth, and technology businesses.
Action taken
It adopted BNY as its principal commercial brand while retaining The Bank of New York Mellon Corporation as its legal name.
Aftermath
The BNY identity replaced BNY Mellon in much of the company’s external presentation.
2008
Serve as TARP master custodianStrategyBackground
The U.S. Treasury needed a custodian and administrator for the Troubled Asset Relief Program during the global financial crisis.
Action taken
BNY Mellon won the assignment through a competitive process and handled program accounting and record-keeping.
Aftermath
The appointment reinforced the company’s role as a trusted provider of large-scale custody and financial infrastructure.
2006
Merge with Mellon FinancialM&ABackground
The Bank of New York sought to combine its custody and securities-servicing franchise with Mellon’s investment-management and wealth-management businesses.
Action taken
The companies announced a stock-based merger, completed in July 2007, creating The Bank of New York Mellon Corporation.
Aftermath
The transaction created a major global custody and asset-management company and established the BNY Mellon brand.
Announced transaction value. Approximately $16.5 billion (2006 announcement)
Recent events
Reported
Galaxy enters multi-year agreement with BNY[5]
Galaxy entered a multi-year agreement with BNY to advance digital asset infrastructure for institutional markets, including support for staking on BNY's Digital Asset Custody platform. Galaxy also serves as a design partner for the platform infrastructure.
- Unconfirmed
Reported
Ripple expands partnership with BNY[6]
Ripple and BNY expanded their partnership to broaden institutional digital asset capabilities and explore blockchain use cases, including tokenised trade finance. The collaboration includes BNY adding Ripple’s RLUSD to its custody platform and integrating XRP; the firms are also exploring a supply chain finance initiative with C2FO.
Reported
BNY prices $1.25 billion preferred-stock offering[7]
BNY announced that it priced an underwritten public offering of 1,250,000 depositary shares representing interests in its Series O preferred stock, at an aggregate public offering price of $1.25 billion. The offering is expected to close on October 28, 2026.
- Unconfirmed
Reported
Bank of New York Mellon Corporation's talks involving Payward[8]
Simply Wall Street reported on talks involving Bank of New York Mellon Corporation and Payward, examining what the talks mean for the bank's shareholders. The available source, an article headline, does not specify the nature, direction or terms of the talks.
Reported
BNY elects Vikram Malhotra to board of directors[9]
The Bank of New York Mellon Corporation elected Vikram Malhotra as an independent director to its board of directors, effective 1 October 2026. With his addition, BNY's board will have 12 directors, 11 of whom are independent.
Reported
SWIFT launches SWIFT Go cross-border payments service[10]
SWIFT announced the launch of SWIFT Go, a service for small businesses and consumers to send low-value cross-border payments. The source says seven global banks were already live with the service.
Sources10 sources
- 1BNYen.wikipedia.org
- 2BNY corporate websitebny.com
- 3BNY leadershipbny.com
- 4Rebrand as BNYbny.com
- 5Galaxy与BNY达成多年期协议finanznachrichten.de
- 6Ripple扩大与BNY的合作assetservicingtimes.com
- 7BNY为12.5亿美元优先股发行定价bubblear.com
- 8纽约银行梅隆公司涉及Payward的磋商news.google.com
- 9BNY选举Vikram Malhotra为董事会成员assetservicingtimes.com
- 10SWIFT推出SWIFT Go跨境支付服务finanznachrichten.de
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