Mellon Financial
Mellon Financial Corporation was a major American investment and asset management firm based in Pittsburgh. It started in 1870 when Thomas Mellon and his sons founded T. Mellon & Sons’ Bank, which later became Mellon National Bank. Over the years, Mellon grew to be one of the world’s largest money-management firms, serving institutions and wealthy individuals and handling funds like the Dreyfus family funds, along with business banking and shareholder services.
In December 2006, Mellon announced a merger with Bank of New York to form The Bank of New York Mellon (BNY Mellon). The merger closed in July 2007, and the combined company was based in New York. BNY Mellon became one of the world’s largest securities servicing firms and asset managers, with a new brand launched in October 2007.
The Mellon family, through the bank, helped launch and shape several major industries, with connections to companies like Alcoa, Gulf Oil, Westinghouse, U.S. Steel, Heinz, General Motors, and ExxonMobil.
As the financial industry shifted toward fee-based businesses, Mellon focused more on asset management and asset servicing. It also offered specialized cash-management services, such as controlled disbursement accounts, which help companies predict and manage the exact funds needed to cover checks, invest excess money, or pay down debt.
This page was last edited on 2 February 2026, at 10:00 (CET).