navigation search for its predecessor companies see bank of new york and mellon financial . the bank of new york mellon corporation type public traded as nyse bk s & p 500 component industry banking financial services predecessor the bank of new york mellon financial founded july 1 2007 ; 9 years ago 2007 07 01 headquarters 225 liberty street manhattan new york 10281 united states area served worldwide key people gerald hassell chairman & ceo karen peetz president products corporate banking investment banking global wealth management financial analysis private equity revenue us 15.194 billion 2015 1 operating income us 4.235 billion 2015 1 net income us 3.222 billion 2015 1 aum us 1.625 trillion q4 2015 1 total assets us 393.780 billion 2015 1 total equity us 35.485 billion 2015 1 2 number of employees 51 200 dec 2015 1 website bnymellon.com the bank of new york mellon corporation commonly referred to as bny mellon is an american worldwide banking and financial services corporation formed on july 1 2007 as a result of the merger of the bank of new york and mellon financial corporation . 3 bny mellon is the world s largest custodian bank with more than 28.6 trillion in assets in custody . 4 it also has over 1.6 trillion in assets under management . 5 the bank of new york is the oldest banking corporation in the united states and the 20th oldest bank in the world having been established on june 9 1784 by american founding father alexander hamilton . 6 contents 1 history 1.1 bank of new york 1.2 mellon financial 1.3 merger 1.4 recent history 2 controversy 3 historical data 4 operations 4.1 business 4.1.1 investment services 4.1.2 investment management 4.2 leadership 4.3 company culture 5 recognition and rankings 6 sponsorships 7 see also 8 references 9 external links history edit bank of new york edit the walton mansion housed the bank of new york from 1784 to 1787 . alexander hamilton shortly after the american revolution . the bank of new york was founded by alexander hamilton on june 9 1784 in the old walton mansion in new york city . 7 8 due to local politics it wasn t able to procure a charter until 1791 . 8 the president of the new bank was former major general alexander mcdougall 9 and the cashier was william winston seaton . 10 the bank provided the united states government its first loan in 1789 . the loan was orchestrated by hamilton then secretary of the treasury and it paid the salaries of united states congress members and president george washington . 11 the bank of new york was the first company to be traded on the new york stock exchange when it first opened in 1792 . 12 during the 1800s the bank was known for its conservative lending practices that allowed it to weather financial crises . it was involved in the funding of the morris and erie canals and steamboat companies . 13 14 the bank helped finance both the war of 1812 and the union army during the american civil war . 15 16 following the civil war the bank loaned money to many major infrastructure projects including utilities railroads and the new york city subway . 13 through the early 1900s the bank of new york continued to expand and prosper . 14 16 in july 1922 the bank merged with the new york life insurance and trust company . 17 the bank continued to profit and pay dividends throughout the great depression and its total deposits increased during the decade . 14 16 in 1948 the bank again merged this time with the fifth avenue bank which was followed by a merger in 1966 with the empire trust company . 13 16 the bank s holding company was created in 1969 . 13 in 1988 the bank of new york merged with irving bank corporation . 18 from 1993 to 1998 the bank made 33 acquisitions including acquiring jp morgan s global custody business in 1995 . 16 ivy asset management was acquired in 2000 and the bank acquired pershing llc the united states second largest trade clearinghouse in 2003 . 16 19 in 2006 the bank of new york traded its retail banking and regional middle market businesses for j.p. morgan chase s corporate trust assets . the deal signaled the bank s exit from retail banking . 20 mellon financial edit mellon financial was founded as t. mellon & sons bank in pittsburgh pennsylvania in 1869 by retired judge thomas mellon and his sons andrew w. mellon and richard b. mellon . 21 the bank invested in and helped found numerous industrial firms in the late 1800s and early 1900s including alcoa westinghouse gulf oil general motors and bethlehem steel . 22 23 both gulf oil and alcoa are according to the financial media considered to be t. mellon & sons most successful financial investments . 22 23 in 1902 t. mellon & sons name was changed to the mellon national bank . 22 the firm merged with the union trust company a business founded by andrew mellon in 1946 . the newly formed organization resulting from the merger was named the mellon national bank and trust company and was pittsburgh s first us 1 billion bank . 24 the bank formed the first dedicated family office in the united states in 1971 . 25 a reorganization in 1972 led to the bank s name changing to mellon bank n.a. and the formation of a holding company mellon national corporation . 21 22 mellon bank acquired multiple banks and financial institutions in pennsylvania during the 1980s and 1990s . 26 in 1992 mellon acquired 54 branch offices of philadelphia savings fund society the first savings bank in the united states founded in 1819 . 27 in 1993 mellon acquired the boston company from american express and afco credit corporation from the continental corporation . the following year mellon merged with the dreyfus corporation bringing its mutual funds under its umbrella . 22 in 1999 mellon bank corporation became mellon financial corporation . two years later it exited the retail banking business by selling its assets and retail bank branches to citizens financial group . 22 merger edit on december 4 2006 the bank of new york and mellon financial corporation announced they would merge . 28 the merger created the world s largest securities servicing company and one of the largest asset management firms by combining mellon s wealth management business and the bank of new york s asset servicing and short term lending specialties . 7 28 the deal was valued at 16.5 billion and under its terms the bank of new york s shareholders received 0.9434 shares in the new company for each share of the bank of new york that they owned while mellon financial shareholders received 1 share in the new company for each mellon share they owned . 15 the bank of new york and mellon financial entered into mutual stock option agreements for 19.9 percent of the issuer s outstanding common stock . 28 the merger was finalized on july 1 2007 . 29 the company s principal office of business at the one wall street office previously held by the bank of new york . 30 the full name of the company became the bank of new york mellon corp. with the bny mellon brand name being used for most lines of business . 29 30 recent history edit in october 2008 the u.s. treasury named bny mellon the master custodian of the troubled asset relief program tarp bailout fund during the financial crisis of 2007 to 2010 . bny mellon won the assignment which included handling accounting and record keeping for the program through a bidding process . 31 in november 2008 the company announced that it would lay off 1 800 employees or 4 percent of its global workforce due to the financial crisis . 32 according to the results of a february 2009 stress test conducted by federal regulators bny mellon was one of only three banks that could withstand a worsening economic situation . 33 the company received 3 billion from tarp which it paid back in full in june 2009 along with us 136 million to buy back warrants from the treasury in august 2009 . 34 35 in august 2009 bny mellon purchased insight investment a management business for external funds from lloyds banking group . 36 the company acquired pnc financial services global investment servicing inc. in july 2010 and talon asset management s wealth management business in 2011 . 37 38 by 2013 the company s capital had steadily risen from the financial crisis . in the results of the federal reserve s dodd frank stress test in 2013 the bank was least affected by hypothetical extreme economic scenarios among banks tested . 39 it was also a top performer on the same test in 2014 . 40 bny mellon began a major branding campaign in 2013 to increase awareness of the company . 41 it adopted the slogan the investments company for the world and changed its logo . 41 42 in may 2014 bny mellon agreed to sell the building housing its headquarters to increase efficiency . the company announced plans to move its headquarters to lower manhattan in 2015 leasing space at brookfield place . 43 in june 2014 the company combined its global markets global collateral services and prime services to create the new markets group . 44 the company expanded its hong kong office in october 2014 as part of the company s plans to grow its wealth management business . 45 it opened the bny mellon innovation center an office focused on emerging technologies big data digital and cloud based projects in palo alto in november 2014 . 46 47 it opened the bny mellon innovation center in palo alto in november 2014 and the emea innovation centre in london in november 2015 . both centers focus on emerging technologies big data digital and cloud based projects . 46 47 48 controversy edit in march 2015 the company admitted to facts concerning the misrepresentation of foreign exchange pricing and execution . bny mellon s alleged misconduct in this area includes representing pricing as best rates to its clients when in fact they were providing clients with bad prices while retaining larger margins . in addition to letting go key executives the company will pay a total of us 714 million to settle related lawsuits . 49 historical data edit asset & liability 50 asset liability ratio 50 net income 50 operations edit bny mellon operates in 35 countries in the americas europe the middle east and africa emea and asia pacific . 51 52 53 the company employs 51 200 people as of december 2015 . 1 as of october 2015 update the group s american and global headquarters are located at 225 liberty street as the former 1 wall street building was sold in 2014 . 43 the group s emea headquarters are located in london and its asia pacific headquarters are located in hong kong . 54 55 the company s 2015 revenue equaled 15.19 billion and it held 393.8 billion in total assets as of december 31 2015 . 1 business edit the bank s primary functions are managing and servicing the investments of institutions and high net worth individuals . 12 bny mellon s two primary businesses are investment services and investment management 56 which offer services for each stage of investment from creation through to trading holding management distribution and restructuring . 51 57 bny mellon s clients include 80 percent of fortune 500 companies . 58 the company also serves 75 percent of the top 100 endowments 67 percent of the top 1 000 pension and employee benefit funds 50 percent of the top 200 life and health