Bank of New York
From Wikipedia, the free encyclopedia
| The Bank of New York Inc.
<tr><td colspan="2" style="text-align:center; padding:16px 0 16px 0;"> | |
| Type | Public (NYSE: BK) |
|---|---|
| Founded | New York, New York in 1784 |
| Headquarters | New York, New York
<tr><th style="text-align:right; padding-right:0.75em;">Key people</th><td>Tom Renyi, Chairman & CEO |
The Bank of New York (NYSE: BK), sometimes BNY, is a global financial services company operating in four primary business areas:
- Securities servicing
- Treasury management
- Investment management
- Private banking
[edit] History
The Bank of New York was founded by Alexander Hamilton in 1784, making it the oldest bank in the United States. He wrote the new bank's constitution and became the individual most actively involved in the organization of The Bank of New York, guiding it through its early stages. The bank opened for business at the Walton House in Lower Manhattan on June 9, 1784, only a few months after the departure of British troops from American soil.
[edit] Events
In 1792, the Bank of New York was the first corporate stock to be traded on the New York Stock Exchange.
In 1922, the Bank merged with the New York Life Insurance & Trust Company.
In 1948, the Bank acquired The Fifth Avenue Bank.
In 1966, the Bank acquired the Empire Trust Company.
In 1988, the Bank of New York acquired the Irving Bank Corporation and moved its headquarters to One Wall Street, now known as the Bank of New York Building.
In the 1990's, the Bank acquired the National Community Banks in New Jersey and the Putnam Trust Company.
In 2003, the Bank of New York acquired Pershing LLC [1] a provider of correspondent clearing and outsourcing services for broker dealers, asset managers and financial intermediaries.
The Bank has acquired over 80 other companies in the last ten years.
In 2005, the Bank was appointed by Telecom Argentina as trustee, registrar and paying and transfer agent for its $1.5 billion debt restructuring. "The transaction was Argentina's largest corporate debt restructuring to date", according to the Bank of New York November 3, 2005 press release. The restructure involved the exchange of $2.8 billion in outstanding debt for newly issued exchange notes and cash; "As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the Depository Trust Corporation (DTC), and from creditors holding debt in physical form." [2]
In late 2005, the Bank of New York settled with federal regulators for $38 million regarding a money laundering scandal that began in 1996. The illegal operation involved two Russian emigres - one who was a Vice President of the bank - moving over $7 billion via hundreds of wires and ended in the prosecution of at least nine individuals.
On April 7, 2006, J.P. Morgan Chase & Co. announced they would be swapping their corporate trust unit for Bank of New York Co.'s retail and small business banking network. The swap values the Bank of New York business at $3.1 billion, and JPMorgan's trust unit at $2.8 billion and gives Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Connecticut Tri-State area.
[edit] External links
</div> </div>ja:バンク・オブ・ニューヨーク
