Mellon Muscle: Reclaiming a family bank

Reclaiming a family bank

"We still face profitability challenges," Mellon Bank Chairman J. David Barnes warned shareholders a year ago in the Pittsburgh-based institution's annual report. It was an accurate prophecy. The nation's twelfth largest bank holding company (current assets: $34.4 billion) earlier this month reported a quarterly loss of nearly $60 million -- the first in its 118-year history -- and watched shares plummet in just nine days from nearly 51 to around 38. Last week Barnes, 57, faced a new challenge: finding a job. One of the nation's best-known families of financiers and philanthropists had taken charge again of the bank bearing its...

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