Northern Trust Corporation has indicated its intention to remain independent amidst reported merger discussions with The Bank of New York Mellon Corporation. This stance introduces uncertainty regarding the potential consolidation of two major custody banks.
Reports had suggested that BNY Mellon approached Northern Trust to discuss a merger that could create an investment-management powerhouse overseeing more than $3 trillion in assets. However, Northern Trust's reaffirmation of its independence suggests a potential resistance to such a deal.
This development could impact BNY Mellon's strategic plans for inorganic growth in the custody banking sector. While the initial reports of merger talks generated market interest, Northern Trust's position may complicate or halt any further acquisition efforts by BNY Mellon.
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