The merger of The Bank of New York and Mellon Bank that was announced last week is expected to create the world's largest asset custodian and corporate trustee.

The merged entity will also be a top 10 global asset manager and the 11th largest financial institution in the U.S. It will based in New York and operate under the name The Bank of New York Mellon Corp. The new company is expected to have more than $16.5 trillion in assets under custody and more than $1 trillion in assets under management across offices in 36 countries.

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