Key Stats
Assets Under Custody: $52.1 trillion (Dec 2024)
Assets Under Management: $2.0 trillion (Dec 2024)
Market Capitalization: $80.13 billion (Feb 2026)
Employees: 50,000+ globally
Founded: 1784 (Bank of New York)
BNY (formerly BNY Mellon) stands as the world’s largest custodian bank and securities services company. Headquartered in New York City, the company provides investment management and investment services to institutions, corporations, and high-net-worth individuals across 35 countries.
The company traces its origins to 1784 when Alexander Hamilton founded the Bank of New York, making it one of the oldest financial institutions in the United States. Through the 2007 merger with Mellon Financial Corporation, BNY became a global financial services powerhouse. The firm was the first company listed on the New York Stock Exchange and continues to trade under the ticker symbol BK.
BNY operates through three main segments: Securities Services, Market and Wealth Services, and Investment and Wealth Management. The company became the first bank in history to surpass $50 trillion in assets under custody and administration.
BNY Mellon History
June 9, 1784
Bank of New York Founded
Alexander Hamilton founded the Bank of New York in New York City. The bank opened at the Walton Mansion with $500,000 in initial capital.
1792
First NYSE Listing
The Bank of New York became the first company to be traded on the newly opened New York Stock Exchange.
1869
T. Mellon & Sons’ Bank Founded
Thomas Mellon and his sons Andrew and Richard established T. Mellon & Sons’ Bank in Pittsburgh, Pennsylvania.
1902
Mellon National Bank
T. Mellon & Sons’ Bank changed its name to Mellon National Bank.
1988
Irving Bank Corporation Acquisition
The Bank of New York acquired Irving Bank Corporation in the largest U.S. banking merger at that time, gaining 1 Wall Street as its headquarters.
2003
Pershing LLC Acquisition
Bank of New York acquired Pershing LLC from Credit Suisse First Boston for $2 billion, becoming the nation’s largest clearing firm.
July 1, 2007
BNY Mellon Formed
The Bank of New York and Mellon Financial Corporation completed their $16.5 billion merger, creating The Bank of New York Mellon Corporation.
2024
$50 Trillion Milestone
BNY became the first bank in history to surpass $50 trillion in assets under custody and administration. The company also rebranded from BNY Mellon to BNY.
BNY Mellon Revenue
BNY reported annual revenue of $18.55 billion in 2024, a 5.52% increase from the prior year. The company generates income through fee revenue from asset servicing, investment management, and wealth management services, along with net interest income from its banking operations.
BNY Mellon Co-founders
BNY Mellon was formed through the 2007 merger of two historic financial institutions. The leaders who orchestrated the merger brought together over 400 years of combined banking heritage.
Thomas A. Renyi
Chairman & CEO, Bank of New York (pre-merger)
Renyi initiated the merger discussions and served as executive chairman of the combined company. He spent nearly four decades at Bank of New York, transforming it from a traditional commercial bank into a global securities servicing leader.
Robert P. Kelly
Chairman & CEO, Mellon Financial (pre-merger)
Kelly became the first CEO of BNY Mellon following the merger and later succeeded Renyi as chairman. He led Mellon’s strategic evolution before negotiating the merger with Bank of New York.
Gerald L. Hassell
President, Bank of New York (pre-merger)
Hassell continued as president of the merged company and later became Chairman and CEO from 2011 to 2017. He played an instrumental role in overseeing the integration of both institutions.
BNY Mellon Marketcap
BNY trades on the New York Stock Exchange under the ticker symbol BK. As of February 2026, the company has a market capitalization of approximately $80 billion. The stock reached 52-week highs above $120 per share, reflecting strong investor confidence in the company’s financial performance and strategic direction.
BNY Mellon Acquisitions
BNY Mellon has pursued a selective acquisition strategy to strengthen its capabilities in securities servicing, asset management, and wealth management. The company has completed nine acquisitions, with two occurring in the last five years.
The most significant deal in the company’s history was the 2007 merger between the Bank of New York and Mellon Financial Corporation. Valued at $16.5 billion, this merger created the world’s largest securities servicing and asset management firm. The combined company had $16.6 trillion in assets under custody and more than $1.1 trillion in assets under management at the time of the transaction.
In 1988, the Bank of New York completed the acquisition of Irving Bank Corporation. This deal was the largest U.S. banking merger of its era and gave Bank of New York its iconic 1 Wall Street headquarters. The Irving acquisition also expanded the bank’s presence in international markets and added scale to its securities servicing operations.
The 2003 acquisition of Pershing LLC from Credit Suisse First Boston for $2 billion transformed BNY into the nation’s largest clearing firm for stock trades. Pershing remains a core business unit today, providing clearing and custody services to broker-dealers and wealth managers.
BNY acquired PNC’s Global Investment Servicing business in 2010, adding custody, fund accounting, and transfer agency capabilities. This acquisition elevated BNY to the number two provider in fund accounting and administration globally. In 2024, BNY acquired Archer Holdco, a technology-enabled service provider of managed account solutions, to enhance its retail managed account offerings. The company also acquired Optimal Asset Management in 2021 through its Pershing X unit, adding direct indexing capabilities to its wealth management platform.
BNY Mellon Competitors
BNY competes with other major custody banks and financial institutions in the asset servicing, investment management, and wealth management sectors. The custody banking industry has consolidated significantly, with a handful of large players dominating global securities services.
| Company | Headquarters | Primary Services |
|---|---|---|
| State Street Corporation | Boston, MA | Custody, Asset Management |
| Northern Trust | Chicago, IL | Asset Servicing, Wealth Management |
| JPMorgan Chase | New York, NY | Custody, Investment Banking |
| Citigroup | New York, NY | Securities Services, Treasury |
| BlackRock | New York, NY | Asset Management |
| Goldman Sachs | New York, NY | Investment Banking, Asset Management |
| HSBC | London, UK | Global Banking, Securities Services |
| UBS | Zurich, Switzerland | Wealth Management, Asset Management |
| Fidelity Investments | Boston, MA | Asset Management, Brokerage |
| PNC Financial | Pittsburgh, PA | Banking, Asset Management |
FAQs
What does BNY Mellon do?
BNY provides investment management and investment services to institutions, corporations, and high-net-worth individuals. The company specializes in asset servicing, custody, clearing, wealth management, and investment management across 35 countries worldwide.
Who founded BNY Mellon?
Alexander Hamilton founded the original Bank of New York in 1784. BNY Mellon was formed in 2007 through the merger of Bank of New York and Mellon Financial Corporation, which was founded by Thomas Mellon in 1869.
Is BNY Mellon a bank?
Yes, BNY is a bank holding company and operates as one of the oldest continuously operating financial institutions in the United States. The company provides banking services alongside its primary focus on securities services and asset management.
How much money does BNY Mellon manage?
BNY has $52.1 trillion in assets under custody and administration and $2.0 trillion in assets under management as of December 2024. The company became the first bank to surpass $50 trillion in custody assets.
Where is BNY Mellon headquartered?
BNY is headquartered at 240 Greenwich Street in New York City. The company relocated its headquarters from 1 Wall Street to this location in 2018 and operates in 35 countries globally.