Major Merger for Bank of New York

New York, NY —

There's news of a stock swap merger in the financial services business. Bank of New York and Pittsburgh-based Mellon Financial have announced a deal to create what they say will be the world's largest securities servicing and asset management firm.

The new company, which will be called Bank of New York Mellon Corporation will be the world's leading asset service with more than $16.5 trillion in assets under custody. It will rank among the top ten global asset managers with more than a trillion dollars in assets under management.

The deal is expected to be completed in the third quarter of next year.