The Bank of New York Reinvents Itself

Today The Bank of New York announced the acquisition of Mellon Financial.

Generations ago, BONY maintained a strong presence in trusts and wealth management. Lately the bank has been best known for its corporate services.

Earlier this year, BONY divested its retail branches in exchange for Chase's corporate trust business.

Now BONY is opening new private banking offices, pretty well blanketing the greater New York metropolitan area, plus outposts in Florida and Boston.

The bank has also launched an award-winning ad campaign for private banking. The campaign plays up BONY's long history, such as this bit of trust lore from the ad running in today's New York Times:

“Generation after generation, The Private Bank of The Bank of New York has been acquiring financial wisdom and serving its clients with unwavering commitment.

“This is the home of the nation's first trust, created for the wife and seven children of our founder, Alexander Hamilton. And this is where we have continued to serve our clients and their families ever since.”