The merger of Bank of New York and Mellon will create what some are calling the "world's leading asset servicer." It will have $16.6 trillion in custody. Obviously, the Bank of New York is known for its custodial and securities services. Mellon however apparently offers some synergy in the area. The news is typical of such deals: About 3,900 jobs (about 10 percent) will be attrited. Costs will be shaved to the tune of $700 million a year. Restructuring charges will tally about $1.3 billion. The good news is that analysts have uniformly praised the deal. Credit raters also seem bullish. This one was not widely predicted. So you have to think some other deals are lurking out there. You have to wonder if State Street is primed for a deal. Custodial services is hardly a high-margin business right now.

Read more on the deal in:
- the AP's article