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.

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