bank of new york mellon corp (BK) Key Developments
BNY Mellon Appoints Michelle Neal as President of BNY Mellon Markets Group
Aug 31 15
BNY Mellon appointed Michelle Neal as President of BNY Mellon Markets Group. Most recently global head of listed derivatives, markets clearing and fixed income market structure with Deutsche Bank, Neal brings to her leadership role at BNY Mellon a wealth of financial services industry experience across the breadth of Markets Group activities, including global fixed income, FX, equity markets, collateral services, clearing, and electronic trading. Assuming her new role on November 30, 2015, Neal will report to Curtis Arledge, Vice Chairman of BNY Mellon.
The Bank of New York Mellon Corporation Presents at JPMorgan CEO-CFO Conference, Sep-01-2015
Aug 29 15
The Bank of New York Mellon Corporation Presents at JPMorgan CEO-CFO Conference, Sep-01-2015 . Venue: The New York Palace Hotel, New York, New York, United States.
The Bank of New York Mellon Corp. Layoffs 280 Employees at Offices in Philadelphia, Effective Oct. 9
Aug 28 15
The Bank of New York Mellon Corp. is laying off 280 employees at its offices in Philadelphia, effective Oct. 9, according to a Worker Adjustment and Retraining Notification Act notice filed with the commonwealth. Some of the Philadelphia employees will be relocated to BNY Mellon offices in King of Prussia and Wilmington.
Activate Capital Lending Platform Names BNY Mellon as Account Bank
Aug 26 15
BNY Mellon said it has been appointed account bank for the lending platform of Activate Capital, a EUR 500 million joint venture between Ireland Strategic Investment Fund (ISIF) and KKR that will provide capital to address housing shortage in Ireland.
Government Sue The Bank of New York Mellon Corp. as Trustee of Mortgages
Aug 20 15
The government has sued The Bank of New York Mellon Corp. over losses tied to sour mortgage securities it managed for financial institutions that sold them to a now-defunct Texas bank, highlighting how federal regulators are casting a wide net in holding banks accountable since the financial crisis of 2008. Regulators have punished banks for making shoddy housing loans or packaging them as securities sold to investors, but the case against BNY Mellon involved work as a trustee and not as an originator of these financial instruments. In a complaint filed in Manhattan federal court, the Federal Deposit Insurance Corp. said it lost more than $440 million when it sold off a $2 billion portfolio that was owned by the former Guaranty Bank in Austin. The bank failed in 2009, and the FDIC, which was overseeing its liquidation, was trying to recover money from the sale of its assets. BNY Mellon, as a trust bank, was acting as an agent for the institutions that bundled mortgage loans into securities and sold them as investments to Guaranty Bank. The lawsuit named Countrywide Home Loans Inc. and Bear Stearns' EMC Mortgage Corp. as the companies that generated the securities. Countrywide was purchased by Bank of America in 2008, and JPMorgan Chase & Co. bought Bear Stearns in the same year. BNY Mellon "shirked its duty" to ensure that the loan documents were not defective when it oversaw 12 trusts that owned those bad mortgage loans, the FDIC said. Regulators said BNY Mellon "stood idly for years" while defective mortgage loans remained in the trusts and servicers reaped excessive fees for servicing defaulted loans. The lawsuit against BNY Mellon occurs amid a regulatory crackdown on mortgage practices that were blamed for the housing crisis. Wall Street banks that repackaged and sold mortgages to investors have claimed that they did nothing wrong. Yet the government has collected billions of dollars in settlements from some of them. regulators said the bank would pay $14.8 million to settle allegations that it tried to win business managing investments for a Middle Eastern country by giving internships to family members of government officials.