Founded in 1784, the Bank of New York is the oldest bank in the United States. It was the first bank in New York that opened just months after the departure of British troops from American soil in lower Manhattan. During that time period the monetary system was complex and confusing. The founders decided that The Bank of New York wasn’t going to be a common institution that capitalized on land; it focused on specie, which is money in coins. Then in 1792 the first corporate stock to trade on the newly established New York Stock Exchange was the Bank of New York.
During the course of their 220-year history, The Bank of New York has seen the country through turbulent times - seven wars, ten economic depressions and the World Trade Center disaster. And yet, The Company has survived all these crises and emerged even stronger..
The Bank of New York is in the industry of Money Center Banks, which provide many services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. This company has a long tradition of collaborating with clients to focus on securities servicing, treasury management, investment management, and individual and regional banking services. This company also has an extensive global client base.
The Bank of New York is ranked 15th in its industry with a capital market of 21.2 billion. Some of its top three competitors are Citigroup Inc, JP Morgan Chase, and State Street Corp. Given its long history and conservative approach, it is no wonder that The Bank of New York is one of the leading retail banks in the Metropolitan Area. It has 350 locations which not only offer traditional banking, but insurance and investment services.
Although the stock price of The Bank of New York has decreased over the past year, it is our opinion that it would be a good opportunity to buy the stock at its price. The most recent quarterly earnings have been much higher than analysts’ forecasts have predicted. The Bank of New York earnings growth in the past year has accelerated more rapidly than it has in the past three years.
The Bank of New York – Industry position
Founded in 1794, The Bank of New York is New York’s first and oldest bank. It opened for business at the Walton House in lower Manhattan. During that time period the monetary system was complex and confusing. The founders decided that The Bank of New York wasn’t going to be a common institution that capitalized on land; it focused on specie, which is money in coins. The New York Stock Exchange was formed in 1792, and the first Corporation stock to be traded on the NYSE was The Bank of New York.
The history of this bank began on February 23, 1794 with a small advertisement in the New York Packet. Alexander Hamilton, a respected New York attorney and future statesman, was appointed to write the new banks...