Bank of New York Mellon Corp. said its profit declined in the third quarter as the asset-manager reported a drop in fee revenue and came up against a tough comparison from the year-earlier period. As a custody bank, BNY Mellon derives a major portion of its business from serving trillions in assets for money managers and other clients, as well as managing investments for its clients. The...
BNY BNY Mellon - 3Q 2015 net income of $820m, down 23% YoY, but beating estimates. However, the bank stated that its cost-cutting drive was interrupted by a summertime software outage that forced it to compensate clients.