The Bank of New York Co. Inc., and Mellon Financial Corp. will be able to eliminate a few redundant positions when they complete their merger this summer. BNY’s general counsel, for example, will step aside in favor of Mellon’s legal chief. But the new company may end up with two people in one post: federal monitor.
Both banks have monitors in place as part of deals they struck with the government to avoid prosecution on various criminal charges. The Bank of New York Mellon Corp., as the new entity will be known, may be able to get the U.S. Department of Justice to agree to a single overseer. No one knows for sure, however, because the feds aren’t saying anything in public, and there’s no precedent for a deal like this. The merger appears to be the first ever between two companies working under nonprosecution deals with Justice.
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