BNY Clearing Services LLC Appoints Dennis Wallestad As Chief Administrative Officer.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 22, 2002 BNY Clearing Services LLC, a subsidiary of The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , announced today that Dennis Wallestad has joined its executive management team as executive vice president and chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive . Mr. Wallestad will be responsible for leading the finance, operations, risk management and human resources functions of the Milwaukee-based operation. Mr. Wallestad comes to BNY Clearing Services LLC with extensive experience in the securities industry. Most recently, he served as a president of Strong Investments, Inc., a unit of Strong Financial Corporation. Mr. Wallestad received a Bachelors degree in accounting from Auburn University and a Masters of Accountancy from the University of Oklahoma University of Oklahoma, abbreviated OU, is a coeducational public research university located in the U.S. state of Oklahoma. Founded in 1890, it existed in Oklahoma Territory near Indian Territory 17 years before the two became the state of Oklahoma. . C. Michael Viviano, chief executive officer of BNY Clearing Services LLC, said, "We are extremely pleased that Mr. Wallestad has joined our executive team. Dennis has an outstanding reputation in the industry and his experience will help to advance BNY Clearing's growth strategy." BNY Clearing Services LLC provides securities clearing, execution, and settlement to broker/dealers, banks and other financial intermediaries throughout the world. It is a member of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and other principal exchanges, the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. , and the Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC) A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms. . Additional information is available at www.bnyclearing.com. The Bank of New York, founded in 1784 by Alexander Hamilton, is the nation's oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK), a financial holding company. With over $80 billion in total assets as of June 30, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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