History of the Mellon Financial Corporation
Mellon Financial Corporation got its start in 1869, when Irish immigrant Thomas Mellon founded T. Mellon and Sons Bank in the Pittsburgh area. Thomas’s son Andrew Mellon joined the venture in 1874, and in 1882, took over full ownership of the institution from his father. T. Mellon and Sons Bank became known as Mellon National Bank in 1902. Over the years, it would gain a reputation for helping to popularize the mass production of goods. Mellon National was largely involved with corporate clients, especially in the oil, aluminum, financial and consumer electronics industries; some of their more notable clients included General Motors, US Steel, Westinghouse, and ExxonMobile, then known as Standard Oil.
Andrew Mellon left the bank in 1920 to become U.S. Treasury Secretary. His brother, Richard, founded Mellbank Corporation in 1929; in 1946, Mellbank, Mellon National and the Union Trust Company merged to become the Mellon National Bank and Trust Company. The ensuing decades saw several other mergers for Mellon National Bank and Trust, with the company absorbing such institutions as the Girard Bank of Philadelphia, the Philadelphia Savings Fund Society, the Boston Company, AFCO Credit Corporation and the 1st Business Bank of Los Angeles, among others.
In 2007, Mellon Financial Corporation merged with the Bank of New York to become the Bank of New York Mellon. Through a $16.5 billion merger, the Bank of New York Mellon became the biggest securities servicing company in the world, and one of the world’s largest managers of financial assets. The merger left the company with custody of $16.6 trillion in financial assets. The merger also left the Bank of New York Mellon responsible for the management of $1.1 trillion in financial assets.
Prior to its merger with the Bank of New York, Mellon Financial Corporation focused on providing wealth management solutions, including banking products and other financial services, to institutions, government bodies, corporations, and individual persons in the U.S. and Europe. These included wealth protection and transfer services, equity investments, strategic asset allocation services, mortgages, brokerage, financial management services, and more. The Bank of New York Mellon offers many of the same banking, investment, consultancy, insurance and retirement planning services, as well as a full range of wealth and investment management services.
The Bank of New York Mellon’s range of financial services are geared towards the corporate and institutional client. BNY Mellon’s banking solutions seek to help institutional, corporate and government clients move and manage money around the world, while maintaining transparency and efficiency in their operations. BNY Mellon offers services to industries including:
- Banking: BNY Mellon offers investment and asset management solutions for banks in Europe and the U.S. BNY Mellon helps banks manage investment and insurance products, domestic and global securities, and debt financing. BNY Mellon also helps banks manage transactions via wire transfer, cash, card, ACH, and check.
- Investment Management: As one of the world’s largest investment management firms, BNY Mellon handles investments for endowments, corporations, foundations, pension plan sponsors, and governments all over the world. BNY Mellon works to bring clarity and security to both the European Pension market and the U.S. retirement market.
- Insurance: BNY Mellon works with insurance companies to bring them the highest returns on their investments and manage their risks.
- Brokerage: Stock brokers and dealers face unique challenges in today’s economy, and BNY Mellon seeks to give them the support and solutions they need to best serve their customers.
- Consulting: BNY Mellon’s Consultant Insight professionals are ready to help consultant firms struggling to offer solutions tailored to their clients’ needs. BNY Mellon’s consultant support professionals can share valuable expertise on all types of consultancy, from management to accounting, research, outsourcing, investment, insurance and strategy.
Bank of New York Mellon headquarters, 1 Wall Street.
(Image taken in Times Square, courtesy of Flickr)