Mellon Chief Pleased with Progress
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Tuesday, April 16, 2002

Mellon Chief Pleased with Progress

Mellon Chief Martin McGuinn is pleased with the new direction that the firm is taking, "Our focus on execution and delivering sustainable results is validating Mellon's strategic repositioning as a global provider of asset management and corporate and institutional services. Continued concern over the economy and equity markets notwithstanding, I am very pleased with the momentum of the new Mellon."

McGuinn made his comments as part of the firm's quarterly earnings release.

Mellon reported a 10 percent increase in earning from the fourth quarter to the first quarter of this year. The quarter is the first full reporting period since the firm purchased the Unifi Network from PricewaterhouseCoopers. That purchase moved the bank more strongly into the large company benefits administration business.

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