The Bank of New York Appoints John M. Dowd As Head of The Private Bank

NEW YORK--(BUSINESS WIRE)--May 26, 2005--The Bank of New York has appointed John M. Dowd, a managing director and 17-year veteran with the Bank, as head of its Private Bank. Mr. Dowd will be responsible for leading the Private Bank in providing a wide array of wealth management services to high-net-worth clients.

Dowd, who has been serving as the Bank's chief trust officer, will continue in that role and report to Leslie V. Godridge, senior executive vice president and head of Investment Management Services and Individual and Regional Banking Services at The Bank of New York. In that role, Godridge oversees the business units that provide investment and wealth management solutions to the Bank's institutional and individual clients. She also directs the Bank's community development activities and is a member of the Bank's Senior Planning Committee.

Dowd will manage the ongoing development and delivery of the Bank's wealth management services, including financial and tax planning, investment management, trust and fiduciary services, estate planning, and private brokerage. He will also focus on developing a wider range of private banking products for financial intermediary channels, such as directed trust services.

Dowd has extensive experience in wealth management and has directed a wide variety of private banking services, including personal trusts and estate planning, fiduciary real estate, tax services, planned giving and private client custody services. He holds a BA from Guilford College and an MBA from Columbia University.

"We are very fortunate to have a professional of John's caliber assume this pivotal leadership role, which highlights the depth and experience of our Private Bank's senior management team," said Leslie Godridge, senior executive vice president of The Bank of New York. "John has a deep appreciation of the unique challenges faced by our high-net-worth clients and has demonstrated outstanding leadership and vision during his nearly two decades of service with the Bank."

The Private Bank manages and administers more than $60 billion in assets for high net worth clients. It has been serving the needs of wealthy individuals and families for more than 170 years and plays an integral role in The Bank of New York's position as a globally-recognized leader in financial services.

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 has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. 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 www.bankofny.com.

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