Portfolio

The Bank of New York Mellon Corporation (2014 – 2020)

The Bank of New York Mellon Corporation (“BNY Mellon”) is a leading global financial services company that provides investment management, investment services and wealth management to institutions and individuals worldwide. Trian announced its investment in BNY Mellon in June 2014, believing there was a meaningful opportunity to reduce costs, streamline corporate structure, set measurable targets for growth investments, and enhance corporate governance.

From December 2014 to June 10, 2019, Ed Garden served on the BNY Mellon’s Board of Directors. Ed worked closely with BNY Mellon’s leadership team and board to help the company improve financial performance and unlock shareholder value. Ed resigned from the BNY Mellon Board to devote more time to current and future board positions.

During our investment period, the company became stronger while materially increasing its profitability. From Fiscal Year 2013 to 2019, EPS increased from $2.24 to $4.02, BNY Mellon’s dividend was raised from $0.58 to $1.18 per share, and its annual technology investment increased to ~$3 billion from ~$2 billion. Under Ed’s leadership as Chairman of the Human Resource and Compensation Committee, BNY Mellon improved its management compensation plans, upgraded its talent in key leadership positions, and increased diversity across the organization.

Trian exited the position in the summer of 2020.

Sector: Financial

Fun Fact: Founded by U.S. Founding Father Alexander Hamilton,
The Bank of New York was the first corporate stock to be listed on the New York Stock Exchange in 1792

Company Website: http://www.bnymellon.com