Street Cheers Bank of N.Y.-Mellon Deal

The merger would create a giant with $16 trillion in assets under custody, with the potential for big cost savings

Two venerable names in finance, Bank of New York (BK) and Mellon Financial (MEL), on Dec. 4 announced plans to swap shares and merge into one securities servicing and asset management firm with more than $12 billion in annual revenue. Investors bid shares of both companies higher on the news.

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