Bank of New York
| The Bank of New York Company, Inc. | |
|---|---|
| legal form | Incorporated |
| founding | March 9, 1784 |
| resolution | July 1, 2007 |
| Reason for dissolution | fusion |
| Seat | New York City , United States |
| Number of employees | 22,961 (December 2006) |
| sales | $ 6.821 billion (2006) |
| Branch | Credit institution |
The Bank of New York Company, Inc. was a United States financial firm based in New York City . The company was listed in the S&P 500 share index and in 2006 employed 22,961 people. After a merger with Mellon Financial Corporation , the company trades under the name The Bank of New York Mellon Corporation (BNY Mellon).
history
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The Bank of New York was founded by Alexander Hamilton in 1784 , making it the oldest bank in the United States. On June 9, 1784, the bank opened its business in Walton House in Manhattan . In 1792 the Bank of New York became the first company to be listed on the New York Stock Exchange. In 1922, the Bank of New York merged with the New York Life Insurance & Trust Company .
The Bank of New York acquired the finance company The Fifth Avenue Bank in 1948 and the finance company Empire Trust Company was acquired in 1966 . In 1988 the company acquired Bank Irving Bank Corporation and relocated its headquarters to One Wall Street , now known as the Bank of New York Building . In the 1990s, the Bank of New York acquired National Community Banks and Putnam Trust Company . Another major takeover took place in 2003 with the acquisition of Pershing LLC . In addition to these large corporate acquisitions, there have been eighty other acquisitions in the past decade. In April 2006, the Bank of New York swapped its private banking division for the relatively equivalent corporate trust division of JP Morgan Chase . In December 2006 it was announced that the Bank of New York and the company Mellon Financial Corporation under the future company The Bank of New York Mellon Corporation will merge. The merged companies have been operating under the same name since July 1, 2007.
Individual evidence
- ^ A b The Bank of New York Company, Inc .: Annual Report 2006. Accessed May 7, 2011 .