What amount of Russian stuff is BNY involved with for clients?
I would guess Corporate Trust would be involved, and Custody.
I know one large Custody client with billions at BNY, and our sub-custodian Citi.
Are sanctions going to touch this?
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I’m in client service on the custody end, past week has been a nightmare.
Clients hold more Russian sh-t then the public cares to know about probably.
It’s created quite the mess , No continuity from any of the other custodian banks clearing depositories or government so it’s been a week of just trying to figure out which securities can and cannot be traded.
Free borscht on March 7 RTO!
The communication memo today refers to an invasion and war as a "conflict situation". Weak and embarrassing organisation.
Hey Rocky! Watch me pull a rabbit out of my hat.
Zero loans and lines of credit
search up bny intern scandal pay to play
Was the BONY Russian money laundering scandal ever fully resolved?
https://www.streetinsider.com/Corporate+News/The+Bank+of+New+York+Mellon+%28BK%29+Dealt+Another+Setback+in+its+Russian+Money-+Laundering+Lawsuit%2C+Reports+The+Russian+Federation/3523823.html
As much as I dislike BNY, they are a global custodian bank which (poorly) supplies the plumbing for the global financial system. All other banks have left the industry as margins are non-existent. The US govt subsidizes them because no self-respecting bank wants the business. Asset management and trading will take anyone's money for the fee (Libya, Iraq, China etc) regardless of their ethics/politics.
Da.
Vee make beeg trouble for Moose un Squirrel.
Gazprom DRs are administered by BNY Mellon. Owned by the Russian government and a major source of cash for Putin, I believe.
Big Russian Depositary Receipts business.