Corporate news announced today that may have a positive (or negative ...) effect on Boston and its housing market.

Bank of New York Co. Inc. said Monday that it has agreed to acquire Mellon Financial Corp. for roughly $16.5 billion.

The deal could have wide-ranging effects in Boston, where Mellon employs 2,700 people and has over $5 trillion in assets under management or custody. The company's Boston headquarters also house three of its five operating units, and is said to generate in excess of 80 percent of Mellon's $5 billion in annual revenue.

Although Bank of New York (BONY) dwarfs Mellon Financial in size and staff levels, it appears as though Boston may end up in a good position.

The merged companies' asset management and wealth management divisions will be managed out of the Boston office, and the asset-custody department will be managed out of both.

The Boston asset-custody department will be led by Jim Palermo, a really great guy who has been with The Boston Company for 20-years, if not longer. Congratulations, Jim!

Complete story: Mellon Financial to be acquired by Bank of New York - By Craig M. Douglas, The Boston Business Journal

Also: Boston stands to win in Mellon deal - By Craig M. Douglas, The Boston Business Journal