Business Services Industry
BoNY's sudden spurt a chance to cash out; Costs are rising, businesses volatile at underperformer.(Bank of New York Co)
Crain's New York Business, April, 2006 by Elstein, Aaron
Byline: Aaron Elstein According to Wall Street legend, before Alexander Hamilton headed off to his losing duel with Aaron Burr, the Bank of New York Co. founder told his board not to do anything until he got back. Up until last week, when reports surfaced that the bank is negotiating to sell 90% of its branch network to J.P.
Morgan Chase & Co., management has been all too obedient to Mr. Hamilton's will. Its 340 branches have been left to go to seed as management spent decades building up a powerful position in the big but volatile business of clearing stock and bond trades and other back-office operations. Though neither bank would comment on the reports, analysts believe BoNY wants to swap 300 branches for a J.P. Morgan business such as treasury...
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