The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services company formed on July 1, 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation.[1] The company employs about 48,000 staff worldwide and has over US$ 1.17 trillion in assets under management and $25.0 trillion in assets under custody and administration.[2] It operates in six primary financial services sectors including asset management, asset servicing, wealth management, broker-dealer and advisory services, issuance services, and treasury services.[3] It is the oldest banking corporation in the United States, tracing its origins to the establishment of the Bank of New York in 1784 by American Founding Father Alexander Hamilton.
The Bank of New York Mellon Corporation, a financial services company, provides various products and services for institutions and individuals worldwide. The company’s Asset Management segment offers a range of equity, fixed income, cash, and alternative/overlay products, as well as distributes investment management products. Its Wealth Management segment provides investment management, wealth and estate planning, and private banking solutions to high-net-worth individuals, families, endowments, and foundations and related entities. The company’s Asset Servicing segment offers global custody and fund services, securities lending, global liquidity services, outsourcing, government securities clearance, collateral management, and credit-related services to corporate and public retirement funds, foundations and endowments, and global financial institutions. Its Issuer Services segment provides a range of products and services to fixed income and equity issuers, including corporate trust, depositary receipts, employee investment plan services, and shareowner services. The company’s Clearing Services segment offers operational support; trading services; flexible technology; and various investment solutions, including managed accounts, mutual funds and cash management, practice management support, and service excellence to financial intermediaries, broker-dealers, independent registered investment advisors, and hedge fund managers. Its Treasury Services segment includes cash management solutions, trade finance services, international payment services, global markets, capital markets, and liquidity services. The company was formerly known as The Bank of New York Company, Inc. and changed its name on July 2, 2007. The Bank of New York Company, Inc. was founded in 1784 and is headquartered in New York, New York.
The Bank of New York Mellon is performance-driven, global organization underpinned by a spirit of teamwork and trust; focused on inclusion and results with a dedication to the creation of innovative financial services and out performance. The Bank of New York Mellon offers leadership, support and growth opportunities to help employees realize their full potential. Employees will have access to myriad career paths in a variety of disciplines; from asset management and wealth management to securities servicing and treasury services; and, in a host of corporate support disciplines, such as finance, technology, human resources, risk, compliance, legal, marketing, communications and more. The possibilities are wide open. The diversity of thought leadership is inspiring. The experience is invaluable. And, the rewards are substantial at The Bank of New York Mellon.
The Bank of New York Mellon Job Positions and Duties
The Bank of New York Mellon Cash Management Officer Responds to a Request for Proposal; assesses customer needs and recommends effective strategies; performs a cost benefit and risk analysis; negotiates pricing to optimize profitability of product or service solutions. Contributes to the bank’s deposit growth strategies and goals; generates additional revenue from the sale of cash management products and services; attains established individual, department and Bank goals through active participation in sales management and officer call programs. Performs direct supervisory duties of department staff and coordinates staff for coverage in all related areas. He/she is responsible for identifying, analyzing, selling and supporting cash management products and services to established business customers and targeted prospective corporate clients. Works closely with relationship officers in attaining service charge and deposit goals; solidify customer retention efforts by providing a superior level of customer service.
The Bank of New York was founded by Alexander Hamilton on June 9, 1784, in the old Walton Mansion in New York City.[4][5][6] The President of the new bank was former Major General Alexander McDougall, with William Winston Seaton as the Chief Cashier.[6] In 1792 when the New York Stock Exchange was first opened, The Bank of New York was the first company to be traded on the Exchange.[7] When the bank had been founded in 1784, it had been established by a series of documents drawn up by Alexander Hamilton.[6] It wasn't until May 2, 1791 that the Bank was able to procure a charter.[6]
The charter was renewed several times up until the era of free banking, when in 1852, it was officially recognized under Banking Law as a bank having a capital of $2,000,000.[6] Following the instigation of the National Banking Act, the Bank of New York in 1865 was once again chartered, this time as a National Bank via the act.[6]
Up through the early 1900s, the Bank of New York continued to expand and prosper.[5] In July 1922, the Bank of New York and the New York Life Insurance and Trust Company merged.[8] Because of the wise policies adopted by the management of the Bank, the firm managed to come through the Great Depression strengthened financially.[5] In 1948 the Bank once again merged, this time with the Fifth Avenue Bank, to be followed by a merger in 1966 with the Empire Trust Company.[5] That same year, 1966, the Bank of New York opened offices in London.[5] The addition of the London office, was instrumental in the establishment of the Bank on the international level.[5] The bank's holding company was created in 1969.[5] It was instrumental in the growth and expansion of the Bank of New York, outside of New York City.[5]
Shift in Retirement Benefit Plans
Retirement benefits have been available to employees in the United States for a number of years. Private pension plans in the United States are a result of the Industrial Revolution in the late 1800s, as the industrial base shifted from agriculture to manufacturing. Pension plans were designed to provide an income for individuals once they retire. Barron’s defines retirement as “leaving active employment permanently, for the remaining years of life, with income being provided through pensions, savings, and Social Security” (Wilson). In the late 20th century, Americans between 45 and 64 expected their pensions to cover the majority of expenses after retirement. Today, retirement planning is considered the most important financial consideration a person will be challenged with, for several reasons. First, life expectancy has increased. Second, because of this lengthened life expectancy for men and woman, the age at which Social Security can be collected has gradually
Kenneth R. Feinberg, the Obama administration’s special master for executive compensation, reviewed over the past five months compensations paid to the 25 highest earners of 419 banks between October 2008, when the first US Troubled Asset Relief Program funds were dispensed, and February 2009, when the stimulus bill took effect. Kenneth Feinberg said he immediately excluded most of the 419 companies from his examination because they said they didn't pay any executives more than $500,000, but he wound up citing 17 banks for making troublesome payments. 11 of the 17 banks making troublesome payments have already repaid the government for money they borrowed under TARP.
Mr. Feinberg determined that banks paid out $1.6 billion in unwarranted bonuses, retention awards, stock grants and "golden parachute" retirement packages to their top earners at the height of the financial crisis.
The Bank of New York Mellon Corporation, the global financial services located in New York, is among the 17 companies. Another of the other 16 companies was Citigroup, which was reportedly identified for having the most egregious compensation packages, according to government officials with knowledge of Mr. Feinberg’s report. Citigroup reportedly handed out several hundred million dollars in pay in 2008 as it neared collapse. Nearly two-thirds of the payouts amount to Andrew J. Hall, owner of a nearly 1000 year old German Medieval Castle, who reportedly received a payout of more than $100 million in connection with spin-off of Citigroup’s Phibro energy trading unit for $370 million to Occidental Petroleum in 2009.
In most cases the banks told Feinberg that they were obligated by employment contracts to pay the bonuses and other compensation, but Kenneth R. Feinberg said to reporters that those 17 companies exercised "poor judgment" for making the $1.6 billion in "ill-advised payments" to their top paid employees shortly after accepting TARP funds from the federal government. "They shouldn't have made these payments,'" Feinberg told reporters. "They were ill-advised. They were troublesome."
According to the investigation by a law firm the investigation on behalf of current long term investors in the Bank of New York Mellon Corporation (NYSE:BK) stock focuses, among other things, on possible shareholder claims that certain of the Bank of New York Mellon‘s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years. Certain senior officers and executives at the Bank of New York Mellon Corp. were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that were, so the investigation, excessive or unwarranted based on the Bank of New York Mellon’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting.
In 2007, Robert P. Kelly, chairman and chief executive officer of Bank of New York Mellon, received a salary of $975,000 plus $7.5 million bonus and $10.4 million in stock awards, while Bank of New York Mellon got $3billion TARP Funding. In 2009, Robert P. Kelly earned in 2009 $14,046,435.00.
The investigation by the law firm focuses on claims that the prior compensation awarded at the Bank of New York Mellon Corporation (BK) is now clearly improper based upon its current operating condition.
While Bank of New York Mellon Corporation reported in 2007 a Net Income of $2.039billion, its Net income declined in 2008 to $1.431billion, and turned into a Net Loss of $1.084billion in 2009. Shares of The Bank of New York Mellon Corporation (BK) traded in 2007 as high as almost $50 per shares, but lost during 2008 almost 50% of its value to $25.84 per share, and continue to decrease to as low as $18.25 per share in 2009. BK shares were able to climb back up to $31.95 per share in April 2010, but recently traded at $25.74 per share.
Finally and most importantly the investigation focuses also on possible claims that would allow The Bank of New York Mellon Corporation (NYSE:BK) stockholders to influence or control future compensation decisions at the Bank of New York Mellon Corp.
Within the industry huge amounts have been allocated for payout and bonus. Goldman Sachs is reportedly paying out an average of $544,000 per worker, though many could earn several times that amount, JP Morgan Chase’ on average pays about $400,000, and Morgan Stanley pays about $262,000. Morgan Stanley reportedly put aside $8.3 billion for pay and benefits during the first half of 2010, 44% more than during the same period last year. Goldman Sachs put aside $3.8 billion for pay and benefits in the second quarter — equivalent to 43% of total quarterly revenue — in addition to $5.5 billion in the first three months.
The Bank of New York Mellon Corporation, a financial services company, provides various products and services for institutions and individuals worldwide. The company’s Asset Management segment offers a range of equity, fixed income, cash, and alternative/overlay products, as well as distributes investment management products. Its Wealth Management segment provides investment management, wealth and estate planning, and private banking solutions to high-net-worth individuals, families, endowments, and foundations and related entities. The company’s Asset Servicing segment offers global custody and fund services, securities lending, global liquidity services, outsourcing, government securities clearance, collateral management, and credit-related services to corporate and public retirement funds, foundations and endowments, and global financial institutions. Its Issuer Services segment provides a range of products and services to fixed income and equity issuers, including corporate trust, depositary receipts, employee investment plan services, and shareowner services. The company’s Clearing Services segment offers operational support; trading services; flexible technology; and various investment solutions, including managed accounts, mutual funds and cash management, practice management support, and service excellence to financial intermediaries, broker-dealers, independent registered investment advisors, and hedge fund managers. Its Treasury Services segment includes cash management solutions, trade finance services, international payment services, global markets, capital markets, and liquidity services. The company was formerly known as The Bank of New York Company, Inc. and changed its name on July 2, 2007. The Bank of New York Company, Inc. was founded in 1784 and is headquartered in New York, New York.
The Bank of New York Mellon is performance-driven, global organization underpinned by a spirit of teamwork and trust; focused on inclusion and results with a dedication to the creation of innovative financial services and out performance. The Bank of New York Mellon offers leadership, support and growth opportunities to help employees realize their full potential. Employees will have access to myriad career paths in a variety of disciplines; from asset management and wealth management to securities servicing and treasury services; and, in a host of corporate support disciplines, such as finance, technology, human resources, risk, compliance, legal, marketing, communications and more. The possibilities are wide open. The diversity of thought leadership is inspiring. The experience is invaluable. And, the rewards are substantial at The Bank of New York Mellon.
The Bank of New York Mellon Job Positions and Duties
The Bank of New York Mellon Cash Management Officer Responds to a Request for Proposal; assesses customer needs and recommends effective strategies; performs a cost benefit and risk analysis; negotiates pricing to optimize profitability of product or service solutions. Contributes to the bank’s deposit growth strategies and goals; generates additional revenue from the sale of cash management products and services; attains established individual, department and Bank goals through active participation in sales management and officer call programs. Performs direct supervisory duties of department staff and coordinates staff for coverage in all related areas. He/she is responsible for identifying, analyzing, selling and supporting cash management products and services to established business customers and targeted prospective corporate clients. Works closely with relationship officers in attaining service charge and deposit goals; solidify customer retention efforts by providing a superior level of customer service.
The Bank of New York was founded by Alexander Hamilton on June 9, 1784, in the old Walton Mansion in New York City.[4][5][6] The President of the new bank was former Major General Alexander McDougall, with William Winston Seaton as the Chief Cashier.[6] In 1792 when the New York Stock Exchange was first opened, The Bank of New York was the first company to be traded on the Exchange.[7] When the bank had been founded in 1784, it had been established by a series of documents drawn up by Alexander Hamilton.[6] It wasn't until May 2, 1791 that the Bank was able to procure a charter.[6]
The charter was renewed several times up until the era of free banking, when in 1852, it was officially recognized under Banking Law as a bank having a capital of $2,000,000.[6] Following the instigation of the National Banking Act, the Bank of New York in 1865 was once again chartered, this time as a National Bank via the act.[6]
Up through the early 1900s, the Bank of New York continued to expand and prosper.[5] In July 1922, the Bank of New York and the New York Life Insurance and Trust Company merged.[8] Because of the wise policies adopted by the management of the Bank, the firm managed to come through the Great Depression strengthened financially.[5] In 1948 the Bank once again merged, this time with the Fifth Avenue Bank, to be followed by a merger in 1966 with the Empire Trust Company.[5] That same year, 1966, the Bank of New York opened offices in London.[5] The addition of the London office, was instrumental in the establishment of the Bank on the international level.[5] The bank's holding company was created in 1969.[5] It was instrumental in the growth and expansion of the Bank of New York, outside of New York City.[5]
Shift in Retirement Benefit Plans
Retirement benefits have been available to employees in the United States for a number of years. Private pension plans in the United States are a result of the Industrial Revolution in the late 1800s, as the industrial base shifted from agriculture to manufacturing. Pension plans were designed to provide an income for individuals once they retire. Barron’s defines retirement as “leaving active employment permanently, for the remaining years of life, with income being provided through pensions, savings, and Social Security” (Wilson). In the late 20th century, Americans between 45 and 64 expected their pensions to cover the majority of expenses after retirement. Today, retirement planning is considered the most important financial consideration a person will be challenged with, for several reasons. First, life expectancy has increased. Second, because of this lengthened life expectancy for men and woman, the age at which Social Security can be collected has gradually
Kenneth R. Feinberg, the Obama administration’s special master for executive compensation, reviewed over the past five months compensations paid to the 25 highest earners of 419 banks between October 2008, when the first US Troubled Asset Relief Program funds were dispensed, and February 2009, when the stimulus bill took effect. Kenneth Feinberg said he immediately excluded most of the 419 companies from his examination because they said they didn't pay any executives more than $500,000, but he wound up citing 17 banks for making troublesome payments. 11 of the 17 banks making troublesome payments have already repaid the government for money they borrowed under TARP.
Mr. Feinberg determined that banks paid out $1.6 billion in unwarranted bonuses, retention awards, stock grants and "golden parachute" retirement packages to their top earners at the height of the financial crisis.
The Bank of New York Mellon Corporation, the global financial services located in New York, is among the 17 companies. Another of the other 16 companies was Citigroup, which was reportedly identified for having the most egregious compensation packages, according to government officials with knowledge of Mr. Feinberg’s report. Citigroup reportedly handed out several hundred million dollars in pay in 2008 as it neared collapse. Nearly two-thirds of the payouts amount to Andrew J. Hall, owner of a nearly 1000 year old German Medieval Castle, who reportedly received a payout of more than $100 million in connection with spin-off of Citigroup’s Phibro energy trading unit for $370 million to Occidental Petroleum in 2009.
In most cases the banks told Feinberg that they were obligated by employment contracts to pay the bonuses and other compensation, but Kenneth R. Feinberg said to reporters that those 17 companies exercised "poor judgment" for making the $1.6 billion in "ill-advised payments" to their top paid employees shortly after accepting TARP funds from the federal government. "They shouldn't have made these payments,'" Feinberg told reporters. "They were ill-advised. They were troublesome."
According to the investigation by a law firm the investigation on behalf of current long term investors in the Bank of New York Mellon Corporation (NYSE:BK) stock focuses, among other things, on possible shareholder claims that certain of the Bank of New York Mellon‘s senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years. Certain senior officers and executives at the Bank of New York Mellon Corp. were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that were, so the investigation, excessive or unwarranted based on the Bank of New York Mellon’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting.
In 2007, Robert P. Kelly, chairman and chief executive officer of Bank of New York Mellon, received a salary of $975,000 plus $7.5 million bonus and $10.4 million in stock awards, while Bank of New York Mellon got $3billion TARP Funding. In 2009, Robert P. Kelly earned in 2009 $14,046,435.00.
The investigation by the law firm focuses on claims that the prior compensation awarded at the Bank of New York Mellon Corporation (BK) is now clearly improper based upon its current operating condition.
While Bank of New York Mellon Corporation reported in 2007 a Net Income of $2.039billion, its Net income declined in 2008 to $1.431billion, and turned into a Net Loss of $1.084billion in 2009. Shares of The Bank of New York Mellon Corporation (BK) traded in 2007 as high as almost $50 per shares, but lost during 2008 almost 50% of its value to $25.84 per share, and continue to decrease to as low as $18.25 per share in 2009. BK shares were able to climb back up to $31.95 per share in April 2010, but recently traded at $25.74 per share.
Finally and most importantly the investigation focuses also on possible claims that would allow The Bank of New York Mellon Corporation (NYSE:BK) stockholders to influence or control future compensation decisions at the Bank of New York Mellon Corp.
Within the industry huge amounts have been allocated for payout and bonus. Goldman Sachs is reportedly paying out an average of $544,000 per worker, though many could earn several times that amount, JP Morgan Chase’ on average pays about $400,000, and Morgan Stanley pays about $262,000. Morgan Stanley reportedly put aside $8.3 billion for pay and benefits during the first half of 2010, 44% more than during the same period last year. Goldman Sachs put aside $3.8 billion for pay and benefits in the second quarter — equivalent to 43% of total quarterly revenue — in addition to $5.5 billion in the first three months.