The Bank of New York and it's History Essay

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The Bank of New York and it's History On February 23, 1784, a small advertisement appeared in The New York Packet, one of the many New York newspapers of that era. This advertisement announced that prominent New York citizens had established a bank. The bank, established by the prominent, would not officially open for business until June 9, 1784. That bank would come to be known as the bank of New York. Alexander Hamilton, a well-known New York attorney, was asked to write the constitution of the new bank. He complied and therefore Alexander Hamilton was credited with the founding of the Bank of New York. The Bank of New York is the oldest bank in New York and along with that is one of the oldest banks in the world since banking…show more content…
In 1969, through the establishment of a bank holding company, the Bank expanded beyond New York City, establishing a suburban branch network that remains today. Global expansion began with an office in London in 1966, but a major breakthrough occurred with the acquisition of The Irving Bank Corporation in 1988. This acquisition created the tenth largest bank at that time and set the stage for what the Bank of New York is today. The acquisitions of National Community Banks in New Jersey and The Putnam Trust Company in Connecticut in the 1990’s continued the expansion of the Bank of New York's branch network. The Bank of New York has had a series of business acquisitions in securities servicing that enabled them to become a recognized leader in that area. Over the last several decades, the corporate branch of the Bank of New York has come to be known as a banker to the largest corporations in America and in special industries such as telecommunications and energy. In closing, it is rare for a business or institution to last over 200 years as has the Bank of New York. It was able to do so by adapting to the times and providing excellent services to its clients. SERVICES FOR CUSTOMERS The Bank of New York provides services to many entities on a worldwide basis. Primarily, the goal of the Bank of New York here in the United States is to provide financial
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