Bank of New York

The Bank of New York Mellon Corporation, headquartered in New York City, USA, is one of the largest asset administration firms in the world, its name resulting from the Bank of New York's acquisition in 2007 of Mellon Financial. "It was The Bank of New York's third attempt to acquire Mellon. Now known as The Bank of New York Mellon (BNY Mellon), the firm has about $20 trillion in assets under custody and more than $1 trillion of assets under management. The company has a presence in over 35 countries, including more than 80 wealth management offices in the US and the UK. Its Pershing subsidiary is a leading securities clearing firm", according to business website Hoovers.

In 2011, it reported $14.73 billion in revenue. In 2006, sales were nearly $9.1 billion with profits of $3 billion. Top competitors are Brown Brothers Harriman, Citigroup, and Credit Suisse (USA).

Ties to Pete Peterson's "Fix the Debt"
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."

This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.

Executive Management

 * Curtis Y. Arledge, Vice Chairman and Chief Executive Officer, Investment Management
 * Richard Brueckner, Chief of Staff
 * Art Certosimo, Senior Executive Vice President and Chief Executive Officer, Global Markets
 * Michael Cole-Fontayn, Chairman, EMEA and Chief Executive Officer, Depositary Receipts
 * Thomas P. (Todd) Gibbons, Vice Chairman and Chief Financial Officer
 * Mitchell E. Harris, President, Investment Management
 * Gerald L. Hassell, Chairman and Chief Executive Officer
 * Timothy F. Keaney, Vice Chairman and Chief Executive Officer, Investment Services
 * Stephen D. Lackey, Chairman, Asia Pacific
 * James P. Palermo, Vice Chairman and Chief Executive Officer, Global Client Management
 * Karen B. Peetz, President
 * Lisa B. Peters, Chief Human Resources Officer
 * Brian G. Rogan, Vice Chairman and Chief Risk Officer
 * Brian T. Shea, President, Investment Services; Head of the Broker Dealer and Advisor Service Group; Head of Global Operations and Technology;Chief Executive Officer, Pershing LLC
 * Jane Sherburne, General Counsel and Corporate Secretary
 * Kurt D. Woetzel, Chief Executive Officer, Global Collateral Services

Board of Directors
As of February 2013:


 * Ruth E. Bruch, Retired Senior Vice President and Chief Information Officer of Kellogg Company
 * Nicholas M. Donofrio, Retired Executive Vice President, Innovation and Technology of IBM Corporation
 * Gerald L. Hassell, Chairman and Chief Executive Officer of The Bank of New York Mellon Corporation
 * Edmund F. "Ted" Kelly, Chairman of Liberty Mutual Group
 * Richard J. Kogan, Retired Chairman, President and Chief Executive Officer of Schering-Plough Corporation
 * Michael J. Kowalski, Chairman and Chief Executive Officer of Tiffany & Co.
 * John A. Luke, Jr., Chairman and Chief Executive Officer of MeadWestvaco Corporation
 * Mark A. Nordenberg, Chancellor and Chief Executive Officer of University of Pittsburgh
 * Catherine A. Rein, Retired Senior Executive Vice President and Chief Administrative Officer of MetLife, Inc.
 * William C. Richardson, President and Chief Executive Officer Emeritus of The W.K. Kellogg Foundation
 * Samuel C. Scott III, Retired Chairman, President and Chief Executive Officer of Corn Products International, Inc.
 * Wesley W. von Schack, Retired Chairman, President and Chief Executive Officer of Energy East Corporation  Director

Personnel in 2006
Key leaders not mentioned above:


 * Robert P. Kelly, Chief Executive Officer
 * Gerald L. Hassell, President, $9,792,700 (also exercised $2,224,860 in options)
 * Thomas A. Renyi, Executive Chairman, $22,634,100 (also exercised $5,228,237 in options)
 * Bruce W. Van Saun, Vice Chairman, $7,272,100
 * Frank J. Biondi, Jr., Senior Managing Director of WaterView Advisors LLC
 * Steven G. Elliott, Senior Vice Chairman of The Bank of New York Mellon
 * John A. Luke, Jr., Chairman and Chief Executive Officer of MeadWestvaco Corporation
 * Robert Mehrabian, Chairman and Chief Executive Officer of Teledyne Technologies Inc.
 * John P. Surma, Chairman and Chief Executive Officer of United States Steel Corporation

Political contributions
Thomas A. Renyi, current Chairman of Bank of New York and then CEO, was a Bush Pioneer having raised at least $100,000 for Bush in the 2004 presidential election. In June 2003, Renyi along with banker Pioneers E. Stanley O'Neal and John J. Mack, hosted Bush's first reelection fundraiser in New York.

Bank of New York gave $10,700 to federal candidates in the 2006 election through its political action committee - 14% to Democrats and 86% to Republicans.

Mellon Financial gave $203,500 in 2006 - 32% to Democrats and 68% to Republicans.

Lobbying
Bank of New York spent $220,000 on lobbying in 2006.

Contact details
1 Wall Street, 10th Floor New York, NY 10286 Phone: 212-495-1784 Fax: 212-809-9528 Web: http://www.bnymellon.com

Featured SourceWatch Articles on Fix the Debt

 * Fix the Debt Portal Page
 * Fix the Debt's Leadership
 * Fix the Debt's Partner Groups
 * Fix the Debt's State Chapters
 * Fix the Debt's Lobbyists
 * Fix the Debt's Parent Group
 * Fix the Debt's Corporations
 * Pete Peterson
 * Peter G. Peterson Foundation
 * America Speaks
 * Simpson-Bowles Commission
 * Erskine Bowles
 * Alan Simpson
 * Social Security
 * Medicare
 * Medicaid

Related SourceWatch articles

 * Banking
 * Joseph M. Samulski
 * FareShare

External articles

 * Lucy Komisar, "Banking on Elections", CorpWatch, October 6, 2004.

External resources

 * Responsible Credit Cards: Myth or Reality? Co-op America, accessed January 2008.

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