Joint custody; American finance.(A bank merger that pleases everyone - except competitors)
Economist (US), The, December, 2006
Bank of New York and Mellon shake up what is a dull business no longer
"NOTHING takes the taste out of peanut butter quite like unrequited love," noted Charlie Brown. The all-American spread must taste more delectable than ever to executives at Bank of New York (BoNY). Eight years after their first attempt to woo a forerunner of Mellon Financial, a Pittsburgh-based rival, was roundly rebuffed, the two banks have fallen into each other's arms. It is hard to find anyone--except their competitors--who isn't pleased for them.
The new bank, which will go by the not-so-pithy name of The Bank of New York Mellon Corporation, will just squeak into the list of the world's top ten asset managers. More importantly, it will be the new number one in global custody...
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