Catenaa, Wednesday, June 25, 2025- Bank of New York (BNY) Mellon has initiated merger discussions with Northern Trust, signaling a potential consolidation of two of the world’s leading custodial banking institutions, according to a Wall Street Journal report published Sunday.
Executives from both banks reportedly held at least one meeting last week to discuss the possibility of a merger.
However, no formal offer was made, and sources familiar with the matter cautioned that a deal is not guaranteed. BNY Mellon may revisit the proposal with a formal bid, the report noted.
BNY Mellon, which has a market capitalization of $65.5 billion, significantly outweighs Northern Trust’s $21.8 billion valuation, based on LSEG data.
A merger would mark one of the largest tie-ups in the financial services sector this year, combining extensive global custody, wealth management, and asset servicing capabilities.
Both firms have declined to comment. BNY’s outreach comes amid a broader push to expand global operations.
In May, the bank secured a license to establish a regional headquarters in Saudi Arabia, joining an influx of financial institutions seeking to capitalize on the kingdom’s economic diversification drive.
Northern Trust, with deep roots in wealth and asset management, has not publicly responded to the reported talks. Analysts suggest that any merger would face regulatory scrutiny given the systemic importance of both institutions.
