Exhibit 99.2
The Bank of New York Enters Into Agreement with Banking Supervisors
NEW YORK, NY, April 24, 2006 -- The Bank of New York has entered into a
written agreement with the Federal Reserve Bank of New York and the New York
State Banking Department. The agreement outlines a series of steps to
strengthen and enhance the Bank's systems and procedures.
"We have instilled new leadership, rigor and discipline into our compliance
processes across the Company. With many of the necessary improvements
completed and others well underway, we plan to fulfill the expectations of
the agreement in a timely manner," said Xxxxxx X. Xxxxx, Chairman and Chief
Executive Officer of The Bank of New York Company, Inc.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing
a comprehensive array of services that enable institutions and individuals to
move and manage their financial assets in more than 100 markets worldwide.
The Company's extensive global client base includes a broad range of leading
financial institutions, corporations, government entities, endowments and
foundations. Its principal subsidiary, The Bank of New York, founded in
1784, is the oldest bank in the United States and has consistently played a
prominent role in the evolution of financial markets worldwide. Additional
information is available at xxx.xxxxxxxx.xxx.
FORWARD LOOKING STATEMENTS
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Certain statements - including the statements about expected improvements in
procedures and expected compliance with the written agreement - are forward-
looking statements. They are subject to risks and uncertainties that could
cause actual results to differ materially from those predicted. The risks
and uncertainties include risks of failures or delays in the development and
implementation of systems and procedures. Forward-looking statements speak
only as of the date on which they are made. The Company will not update
forward-looking statements to reflect subsequent events or changes in
assumptions or circumstances.
