The Bank of New York Company, Inc., through its subsidiaries, provides banking and other financial services to corporations and individuals worldwide. The company operates in four segments: Institutional Services, Private Bank & BNY Asset Management, Retail & Middle Market Banking, and Corporate and Other. The Institutional Services segment provides investor and broker-dealer services, including custody, fund services, securities lending, global liquidity services, outsourcing, government securities clearance, collateral management, and credit-related services. This segment also provides execution services, such as institutional agency brokerage, electronic trading, transition management services, and independent research; and clearing services comprising clearing, execution, financing, and custody for introducing broker-dealers and registered investment advisors. Its treasury services include global payment services for corporate customers, as well as lending and credit-related services. The Private Bank & BNY Asset Management segment provides traditional banking and trust services to wealthy clients; and investment management services for institutional and high-net-worth clients. The Retail & Middle Market Banking segment offers branch banking, consumer, small business, residential mortgage, and asset management activities, such as mutual funds, annuities, and discount brokerage services. The Corporate and Other segment primarily includes the company’s leasing operations and corporate overhead. As of December 31, 2005, it operated 241 branches in New York, 93 in New Jersey, and 8 in Connecticut; and 401 automated teller machines. The company was founded in 1784 and is headquartered in New York City.