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Bank of New York Mellon opened the floodgates yesterday when correspondence over a Wall Street Listserv went public and executives and traders at dozens of firms were hit by an onslaught of emails.The bank sent out a blast linking to the new BNY Mellon ADR Index Monthly Performance report. But when respondents began asking to be removed, instead of reaching Mellon, they hit the entire pool.
In under an hour, it spawned nearly 200 emails between wealth management advisors at Goldman Sachs, Lazard, BNP Paribas, Citi, Oppenheimer & Co. and Guggenheim Funds, as well as General Electric corporate and General Motors asset management.
And it’s likely the chain hit clients at UBS and Morgan Stanley Smith Barney, who also use its products.
Traders responded with some vitriol, as their inboxes were hit as rapidly as every one or two seconds.
“YOU realise WHAT YOU ARE WITNESSING IS SOMEBODY HACKING BNY PRODUCT BIG TIME, FOR WHATEVER SINISTER OR ACCIDENTAL PURPOSE. THIS IS A BIG INSTITUTION SO WORRYING ME IS ANYONE GETTING SIMILAR INUNDATION FROM ANOTHER SERVICE OR OTHER PART OF BNY,” one Citigroup Vice President responded.
But responses livened up after the deluge.
“I don’t always get spammed, but when I do, I prefer BNY Mellon,” a trader at Lazard responded.
A spokesperson at BNY Mellon has confirmed to Business Insider that the email list has since been closed to respondents and that the bank regrets the inconvenience it may have caused.