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Bank of New York, which is buying Mellon Financial, said on Wednesday that first-quarter profit rose 3%, helped by higher fees from holding securities and processing trades for institutional investors. Meanwhile, PNC Financial, a fast-growing northeast U.S. regional bank, said first-quarter profit rose 30%, helped by acquisitions and growth in every main business line.
Next week will bring a huge pile of earnings, but the guys want you to ignore most of them. Keep your eyes on the regional banks, which will help paint the bigger picture of the subprime story, and internet names like Yahoo.
At Morgan Stanley, which held its annual meeting in Purchase, N.Y., 37% of shares were voted in favor of "say on pay." The proposal fared better at Bank of New York, where 47.3% supported the measure.
The days of Enron and WorldCom-sized corporate malfeasance scandals may seem like they just ended, but another debate regarding corporate ethics is reaching critical mass in boardrooms across the country – the issue of executive compensation. Adding fuel to the fire were the recent lucrative severance packages for Home Depot CEO Bob Nardelli ($210 million) and Pfizer CEO Hank McKinnell...
Bank of New York, which agreed last month to acquire Mellon Financial in a $16.5 billion deal, reported Thursday that fourth-quarter net income that beat analysts' expectations.
Three of the four largest U.S. trust banks -- which manage money, hold securities and process trades for clients -- reported strong earnings on Wednesday, as demand rose for their asset management and servicing products.
Mellon said fourth-quarter profit rose 14% as demand for the money management and asset servicing company's fee-based businesses surged .
The combination of two storied names in American finance will create a powerhouse in custody services for institutional investors and one of the biggest asset managers.
Stocks closed sharply higher on a big day for corporate mergers, but investors may turn their attention back to the economy on Tuesday.
As we've reported --there’s been yet more consolidation in the banking sector. The big deal today of course involves Bank Of New York buying Mellon Financial in an all stock deal worth $16.5 billion. The acquisition creates the world's largest securities servicing and asset management company with more than $1.3 trillion under management.
Mellon Financial Corp and Bank of New York will be merging in a deal most on the Street feel makes good sense. BK shareholders will get 0.9434 shares in the new company while Mellon shareholders will receive 1 share. The combined company will be the world's largest asset custodian and corporate trustee.
Mergers and acquisitions momentum has driven the markets today. Four big deals were initiated: Bank of New York and Mellon Financial; LSI Logic and Agere Systems; Pilgrim’s Pride and Gold Kist; and Station Casinos got a buyout offer from a group including its chairman for $4.7 billion.
Greetings from the Breaking News Desk. It’s one of the most exciting areas of CNBC and at the same time, the scariest. “Get it on” and “get it right” are our two most important and often conflicting requirements. That’s, in part, why I’ve subtitled our internal guide to working at this desk “How To Break News Before It Breaks You”.
A bit more on this M&A Monday--we mentioned LSI Logic buying Agere Systems. Now it's the Bank of New York announcing its intentions to buy Mellon Financial for $16.5 billion dollars in stock. The new company will have $1.1 trillion dollars in assets under management – making it one of the top 10 asset managers in the world.