For Frank V. Cahouet, chairman and chief executive of Mellon Bank Corp., the deal to acquire Dreyfus Corp. is just the latest step in a long and arduous plan to transform Mellon from a sleepy and troubled corporate lender to a fee-generating financial services gaint.

When the Dreyfus deal is completed, some 52% of Mellon's revenues will stem from fee-based services, up from 46.5%. Only five other large banks can boast of a higher percentage.

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