Northern Trust is fully committed to remaining independent, the bank said on Monday, after the Wall Street Journal reported that Bank of New York Mellon had approached the asset and wealth manager to express interest in a merger.

Bank of New York Mellon approached Northern Trust last week to express interest in merging with its smaller rival, people familiar with the matter said, in what would be a monster deal for the financial-services industry.

The two firms each have an array of businesses that safeguard, manage and move money for companies, investment firms and financial advisors, the Wall Street Journal reported. Bank of New York Mellon is a leading clearing and custody firm, respectively, for broker-dealers and registered investment advisors.