Tom Renyi
Encyclopedia
Tom Renyi is the former Chairman and Chief Executive Officer
(CEO) of the Bank of New York
Company, a position he held since 1997. He is also the former Executive Chairman of The Bank of New York Mellon Corporation
, following BNY and Mellon's merger on July 1, 2007.
with a BA
in Business Administration in 1967 and an MBA
from the Rutgers Graduate School of Management in 1968. He also served as a First Lieutenant of Military Intelligence
with the US Army in Vietnam
.
For years Renyi has been considered by his peers as a distinguished leader in the financial services industry. He serves on the Board of Executives at the New York Stock Exchange
and the Board of Directors
of Public Service Enterprise Group Incorporated and the New York Clearing House. Mr. Renyi has successfully directed The Bank of New York's transformation from a traditional commercial bank
to a global leader in securities servicing. In 1989, he headed the transition team responsible for integrating the Irving Trust Company into The Bank of New York, the largest merger in the United States banking industry
at the time. Since becoming Chief Executive Officer in 1997, Mr. Renyi has accelerated the banks strategic evolution through 54 acquisitions, including RBS Trust in 1999 and Pershing LLC
in 2003.
and United States Senate
hearings, conducted in 1999 and 2000, amidst the Bank of New York scandal, during which billions of dollars from Russia
were laundered through the Bank, which has long been considered one of the most respected financial pillars of America. Renyi admitted that allowing the suspect accounts “to remain open and active without sufficient questioning was a lapse on the part of the bank."
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
(CEO) of the Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
Company, a position he held since 1997. He is also the former Executive Chairman of The Bank of New York Mellon Corporation
Bank of New York Mellon
The Bank of New York Mellon Corporation is a global financial services company formed on July 1, 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation...
, following BNY and Mellon's merger on July 1, 2007.
Background
Renyi graduated from Rutgers UniversityRutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
with a BA
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Business Administration in 1967 and an MBA
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
from the Rutgers Graduate School of Management in 1968. He also served as a First Lieutenant of Military Intelligence
Military intelligence
Military intelligence is a military discipline that exploits a number of information collection and analysis approaches to provide guidance and direction to commanders in support of their decisions....
with the US Army in Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
.
For years Renyi has been considered by his peers as a distinguished leader in the financial services industry. He serves on the Board of Executives at the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Public Service Enterprise Group Incorporated and the New York Clearing House. Mr. Renyi has successfully directed The Bank of New York's transformation from a traditional commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
to a global leader in securities servicing. In 1989, he headed the transition team responsible for integrating the Irving Trust Company into The Bank of New York, the largest merger in the United States banking industry
Banking in the United States
Banking in the United States is regulated by both the federal and state governments.The U.S. banking sector's short-term liabilities as of October 11, 2008 are 15% of the gross domestic product of the United States or 43% of its national debt, and the average bank leverage ratio is 12 to...
at the time. Since becoming Chief Executive Officer in 1997, Mr. Renyi has accelerated the banks strategic evolution through 54 acquisitions, including RBS Trust in 1999 and Pershing LLC
Pershing LLC
Pershing LLC is a subsidiary of The Bank of New York Mellon, the nation's oldest continuously operating bank, and one of the world's leading providers of securities services. Pershing has nearly $1 trillion in assets under administration...
in 2003.
During the Bank of New York Scandal
On September 22, 1999, Renyi testified before United States House of RepresentativesUnited States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
and United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
hearings, conducted in 1999 and 2000, amidst the Bank of New York scandal, during which billions of dollars from Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
were laundered through the Bank, which has long been considered one of the most respected financial pillars of America. Renyi admitted that allowing the suspect accounts “to remain open and active without sufficient questioning was a lapse on the part of the bank."