Bank of New York Buys Pershing
OPERATIONS AND STP
NEW YORK--The Bank of New York agreed to purchase Credit Suisse First Boston’s (CSFB) Pershing correspondent clearing services unit for $2 billion in cash last week, making BNY the largest such firm in the world.
The transaction is expected to close by the end of the second quarter of 2003. About 4,000 employees will transfer from Pershing and will be absorbed by BNY Clearing, says Joseph Velli, senior executive vice president and head of BNY Securities Group. "A lot of the related head count
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