BNY Mellon is a global financial services company. Its businesses include mutual funds, hedge funds, wealth management, asset servicing, issuer services, clearing services, treasury services and others. The New York-based bank is one of the largest global asset managers and the world's largest asset servicer. It is the No. 2 provider in fund accounting, administration and transfer agency and No. 3 in alternative-fund assets under administration.
BNY Mellon is the result of the 2007 merger of The Bank of New York Co. Inc. and Mellon Financial Corp. In 2008, the company named and consolidated subsidiaries into the Bank of New York Mellon and BNY Mellon NA. The Dreyfus mutual funds are among its family of companies. One recent acquisition was JPMorgan Trust Bank Ltd. in Japan. It is also buying PNC Global Investment Servicing, a back-office operation that services other finance pros.
The U.S. Treasury hired the bank in 2008 as its lead institution to help manage the spending, lending and accounting of the $700 billion TARP bank bailout package. As a custody bank that provides rather staid back-office services, it's seen as fairly sound, but it has faced its share of troubles. Recently, the bank sold or restructured risky investments to the tune of $4.8 billion in losses. In 2008, its asset-management side took a $425 million charge to bail out 10 money-market funds affected by the Lehman bankruptcy to avoid breaking the buck. The company has also been touched by the Bernard Madoff Ponzi scheme. The bank agreed to transfer $301.4 million in Madoff accounts to the trustee in charge of liquidating it and distributing assets to customers.
The Bank of New York was founded by the future first U.S. Treasury Secretary Alexander Hamilton. The predecessor of the Pittsburgh-based Mellon Financial was founded by the Mellon family and was run by 1920s Treasury Secretary Andrew Mellon.
The BNY Mellon Wealth Management unit is launching an expansion in the U.S., hiring in areas where it is well established, such as the Southeast, as well as other regions, such as Texas and the Northwest.
Online applicants are strongly urged to recreate an online profile on the company's careers site.