Saturday, 21st November 2009

 

18 July 2008 - Press Briefing

BNY Mellon unveils fee decline at wealth unit

Bank of New York Mellon on Thursday revealed a 1% fall in asset and wealth management fees to $844m (€532m) during the second quarter as overall profits at the firm declined 57% to $309m, or 27 cents per share, according to a report in The Guardian.

Total revenue fell 3% to $3.4bn, significantly below the average forecast of $3.8bn. Fee revenue grew 2% to $2.9bn and net interest income slumped 30% to $411m.

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