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News

BNY: Bank Of New York Mellon Embraces New Name After 240 Years

Author: Benzinga Neuro | June 11, 2024 08:05am

Bank of New York Mellon (NYSE:BK) is rebranding to BNY, CEO Robin Vince announced in a memo to employees on Tuesday.

What Happened: Founded 240 years ago by Alexander Hamilton, BNY has grown to oversee $48.8 trillion in assets. The bank is known for serving other financial institutions as a custodian.

Vince, who took the helm in March 2022, has focused on growth areas like real-time payments and artificial intelligence. He has also brought in new leadership to boost efficiency.

As per the press release, the rebrand includes new block-lettered signs and a teal arrow logo. Some divisions will be renamed, such as BNY Investments, BNY Wealth, and BNY Pershing. The legal name remains The Bank of New York Mellon Corporation.

See Also: Job Market Booms In May: Payrolls Surge More Than Expected, Wages Increase

BNY’s stock has risen nearly 17% in 2024, outperforming the S&P 500 index of bank shares. The rebrand follows a trend toward shorter names on Wall Street after years of mergers and acquisitions.

Why It Matters: In April, Bank of New York Mellon announced a collaboration with Accenture Plc to modernize financial services through data innovation. This partnership aims to enhance data management and analytics, combining Accenture's expertise in AI and platform engineering with BNY Mellon’s extensive financial data services. The collaboration is expected to accelerate the development of innovative offerings in private markets and wealth management technology.

Additionally, BNY Mellon reported strong first-quarter results in April, with adjusted earnings per share of $1.29, surpassing the street view of $1.19. The bank’s quarterly revenue of $4.527 billion also exceeded analyst expectations of $4.388 billion. These positive financial results have contributed to the bank’s stock performance, which has risen nearly 17% in 2024.

Price Action: BNY closed at $60.74 on Monday, according to Benzinga Pro.

Read Next: US Stocks Are ‘Overpriced’, Warns Peter Schiff: ‘If You Know You Can’t Do Your Own Homework Then …’

Photo via Wikimedia Commons

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

Posted In: ACN BK