Summit's trust business, based here, was one of the largest in New Jersey, with 800 trustee and agency relationships totaling more than $15.7 billion worth of bonds and securities in New Jersey and three neighboring states. Summit's leading clients included the New Jersey Economic Development Authority, the New Jersey Turnpike Authority and a long list of regional and local government agencies.
BNY, meanwhile, has one of the largest such businesses in the world, totaling more than 75,000 trustee and agency relantionships and $750 billion in outstanding securities.
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