Update at a Glance
February 9, 2009
The Bank of New York Mellon Continues Growth Despite Economic Downturn
Despite today's challenging economic conditions, The Bank of New York Mellon remains a financially strong institution that continues to maintain its viability and attract new business via a solid core of premier product and service offerings.
"Because we realize that our performance is always important to your business, and especially so during today's challenging economic environment," said Eric Kamback, The Bank of New York Mellon Treasury Services chief executive officer, "we wanted to share a number of accomplishments that distinguish our bank during an otherwise difficult fiscal period."
Throughout 2008, The Bank of New York Mellon continued to grow as we demonstrated our strong financial performance and stability by:
- generating 9 percent growth in operating revenue for the full year;
- gaining market share in virtually all businesses across the corporation;
- maintaining the highest credit rating among U.S. financial insitituions from Moody's;
- maintaining a solid liquidity position with a highly liquid balance sheet and an elevated level of customer deposits and large cash reserves;
- generating a strong Tier 1 capital ratio of 13.1 percent; and
- exceeding our targets for merger-related expense and revenue synergies.
Additionally, The Bank of New York Mellon Treasury Services continues to receive top marks for client service and performance from its clients. For example, in our 2008 Customer Satisfaction Survey*, clients responding to the survey rated The Bank of New York Mellon Treasury Services as the marketplace leader in customer satisfaction, with high rankings for operating quality (accuracy and timeliness), customer service (responding quickly and being knowledgeable) and making it easy for our customers to do business with us.
Complete details on The Bank of New York Mellon's 2008 profitability are available via our Quarterly Earnings Review and fourth quarter earnings news release. And, as we continue to monitor the volatile economic conditions that affect our own business and yours, you can tap into our expert analysis by reading The Bank of New York Mellon's Chief Economist Richard Hoey's recent commentary via his online Economic Update.
For more information, call us at 1 800 424 3004 (Option 2) or e-mail us at treasury@bnymellon.com.
*Conducted primarily by Warabak Research