(), sometimes '''BNY''' or '''BoNY''', is a global
Financial Services company operating in five primary business areas:
- Securities servicing and global payment services
- Private client services and asset management
- Corporate banking
- Global market services
- Retail Bank ing (in the states of New York , New Jersey , and Connecticut )
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.
In
1792 , the Bank of New York was the first corporate stock to be traded on the New York Stock Exhange.
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
{Link without Title} 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."
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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.
