Now that Bank of New York Co. has the acquisition of Barclays Bank branches under its belt, chief executive J. Carter Bacot says he'd like to make similar deals every year or two.
Small wonder. The deal is turning out to be more profitable than planned.
Bank of New York initially thought the 62 acquired branches would add $47 million a year to pretax earnings. Now it expects "significantly more," Mr. Bacot told analysts last week.
How much more Mr. Bacot didn't specify. But part of the windfall is due to the fact that Bank of New York kept on 720 Barclays employees, 80 less than expected.