As the competition in the banking industry gets stronger, BNY Mellon may need to be acquired in order to survive.
https://www.cnbc.com/2020/11/16/pnc-to-buy-us-operations-of-spanish-bank-bbva.html
1 reply
The BNY Mellon comment makes no sense.
BNY Mellon is not a bank except in the Treasury Services and Institutional Banking arenas. Mellon itself haven't competed against PNC for over 15-20 years since they sold datacenter, retail, and focused on their core business on being a Financial Services company, and the acquisition (merger-cough choke) by BNY no more positions them as a Bank than Mellon Financial Corp was, especially since BNY earlier also got out of the Banking business.
They ARE a bank in their Private Wealth arena, but that is the only place where it comes anywhere close to competing with PNC.
All that aside, many of us would love to be acquired, or the former Mellon units spun off as a separate business; they should have never sold and would have been fine standalone.