BNY Braces For Attacks From Nelson Peltz; Calls For Spinoff [REPORT]

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BNY Braces For Attacks From Nelson Peltz; Calls For Spinoff [REPORT]

FOX Business Network’s (FBN) Senior Correspondent Charlie Gasparino reports The Bank of New York Mellon Corporation (NYSE:BK) is bracing for attacks from [activist investor] Nelson Peltz,” and one of the attacks could be, “essentially a breakup of the bank” with a “possible spin off of their asset management division.”

On Bank of New York Mellon’s recent discussions with activist investor Nelson Peltz:

“BNY [Bank of New York Mellon] executives have been engaged in conversation with Nelson Peltz since he took 2.5 percent stake in the company in June. From those discussions here’s what he’s hinting at or at least talking about, a possible spin off of their asset management division. They are thinking he is likely to come out in the next couple weeks and list his demands. One of the things they are bracing for is essentially a breakup of the bank. It would be the first bank that has been broken up since the financial crisis.”

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