Bank of New York Mellon is looking to buy a unit of PNC Financial Services for nearly $2.5 billion, The Wall Street Journal reports. PNC will use funds to pay down $7.6 billion in government Troubled Asset Relief Program funds. The Delaware-based PNC Global Investment Servicing provides back-office processing for financial advisers, fund managers and brokers. The unit oversees $1.8 trillion in assets for nearly 75 million shareholder accounts. Click here for the complete story.
In this Sept. 30, 2009 photo, a man leaves the Bank of New York Mellon in New York. Bank of New York Mellon Corp. said Tuesday, Oct. 20, 2009, that it took a hefty charge during the third quarter to restructure its investment portfolio, resulting in a loss of almost $2.5 billion for the period.(AP Photo/Mark Lennihan)
Mark Lennihan/AP
