Report on the recent performance of Bank of New York Mellon Essay

Report on the recent performance of Bank of New York Mellon - Essay ExampleThe banking entity is also one of the largest asset managers in the world managing USD 1 trillion of assets in its business. The bank of New York Mellon has an employee base of around 50,000 working in more than 100 markets throughout the globe. The Bank provides global financial operate for corporations, institutions as come up as the high net worth clients. The main functions of the bank are servicing and managing the financial assets of the customers. The banking corporation provides excellent asset way, wealth management, treasury services, asset management and services and clearing services. The Bank of New York Mellon Corporation is the first bank in the United States of America which joined rescript for Worldwide Interbank Financial Telecommunication (SWIFT) in 2007. The Bank is also a member of the Clearing House Interbank Payment system (CHIPS). The BNY Mellon Corporation has two subsidiaries ope rate under its business- The Mellon Capital Management and BNY Mellon Asset Management which are used for providing the asset management and wealth management services to the institutional investors. The wealth management business of BNY Mellon Corporation is dedicated towards the high net worth investors and foundations. The paper aims to focus on the wealth management or the personal banking services of BNY Mellon. The wealth management of BNY Mellon offers world class capabilities customised for all types of clients across the world. The services offered to the clients include investment management, servicing of assets and information management, planning of wealth and estate as well as private banking. The client base of the bank includes families and individuals, endowments and foundations, institutions as well as professionals. Discussion The main industrial characteristics of the market The global banking industry is characterized by most of the financial institutions strugg ling towards growth and implementation of change programs while managing the costs in the changing global scenario. The largest banks of the work banks are implementing evaluated restructuring programs to cut charge on the costs while increasing the profitability of the business. The industry is dominated by rapid growing markets and unpredictable changes thus making flexibility and adaptability the delineate secrets to survive in the evolving global banking industry. The industry shows a number of conflicting challenges and demands for the banks and presents an uncertain and explosive industry landscape. Unfortunately, they had anticipated a much more kindly economic environment in which to adapt to the paradigm shift in the banking landscape. Now banks face a near-perfect storm of challenges and conflicting demands in a volatile and uncertain environment, locally and globally. The economic slowdown throughout the world is varying across the different geographical sectors and th e Governments continue to take strong steps towards touch economic growth. The global banking industry has a sustained growth rate but at a decreased magnitude (Cap Gemini Consulting, 2012, p.3). The main issues impacting the private banking and wealth management industry are with respect to then external environment of the industry, the