FINSwire Jan 29 2010

BNY Mellon Looking to Bulk Up

FINSwire Team

BNY Mellon is in talks to buy a unit of PNC for about $2.5 billion, sources told The Wall Street Journal. The business on the block is PNC Global Investment Servicing, a back office operation that services other finance pros.

PNC GIS has 4,450 employees, which is about 8% of PNC's 56,000 person workforce.

The impetus for the sale is PNC CEO James Rohr's stated desire to make repayment of some $7.6 billion in TARP funds a goal in 2010.

The Journal reports that the acquisition would fit in nicely with BNYM's other "custodial" banking operations.




Play the new finance career game from FINS!

Financial Dream Jobs - Sign Or Decline
You just got an offer for your dream job,
BUT...
Your coworkers never stop gossiping.
SIGN DECLINE


 
  • Copyright ©2014 Dice Holdings, Inc. All rights reserved.
Log in 
FINS Login
 
*Indicates required field
 
User Name*
Password*
     Forgot Your Password?
Or log in using your Facebook account:
Connect with Facebook