BNY Pershing
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| Founded | January 1, 1939 |
|---|---|
| Headquarters | Jersey City, New Jersey, United States |
Key people | James T. Crowley, Chief Executive Officer Lisa Dolly, Chairperson[1] |
| Products | Financial services |
| Website | www.pershing.com |
Pershing LLC is a clearing house. Formed in 1939, Pershing became a subsidiary of The Bank of New York Mellon in 2003. Pershing has nearly $1.9 trillion in assets under administration. The Bank of New York Mellon has more than $35.5 trillion in assets in custody.
History
The firm was founded on January 1, 1939,[2] as Pershing & Company with $200,000 in capital. The firm's original senior partners were Van Burger, Sr., Ed Cohan, Lou Froehlich, Dave Foster, and its namesake — Warren "Jack" Pershing, the only son of celebrated World War I General of the Armies, John J. Pershing.[2]
In 2000, Credit Suisse First Boston, the capital markets division of Credit Suisse, assumed control of Pershing when it purchased Donaldson, Lufkin & Jenrette and its subsidiaries.[3]
In 2003, BNY Mellon acquired Pershing LLC, the United States' second-largest trade clearinghouse at the time from CSFB.[4]
References
- ^ "Management Team". pershing.com. Retrieved June 22, 2011.
- ^ a b "History and Heritage". pershing.com. Retrieved June 22, 2011.
- ^ "Credit Suisse Unit Confirms Agreement To Acquire DLJ in a $11.5 Billion Deal". Wall Street Journal. 30 August 2000.
- ^ "Bank of New York Acquires CSFB's Pershing For $2 Billion". TheStreet.com. January 8, 2003. Retrieved 14 January 2015.