The 2007 merger that created Bank of New York Mellon Corp., the world’s largest custody bank, failed to deliver higher profits as the company lags behind its biggest rivals, according to Mike Mayo, an analyst at CLSA Ltd.
Bank of New York Mellon Corp. said fourth-quarter profit unexpectedly fell 18 percent as revenue missed analysts’ estimates and the world’s largest custody bank wrote down its investment in ConvergEx Group LLC, a brokerage that last month admitted to defrauding customers of millions of dollars.
Bank of New York Mellon Corp.’s Gerald Hassell, who started as a management trainee 38 years ago and became president in 1998, got the top job with the departure of Chief Executive Officer Robert P. Kelly.
Bank of New York Mellon Corp., the world’s largest custody bank, is in early stage talks with federal prosecutors to settle accusations the bank overcharged customers for foreign-exchange trading, according to a person briefed on the discussions.
Rajat Gupta, the former Goldman Sachs Group Inc. director once accused of feeding inside information to Galleon Group LLC’s Raj Rajaratnam, will face federal charges, a person familiar with the matter said, making him the highest-ranking executive to be named in the probe.
Bank of New York Mellon Corp., with $27.1 trillion of assets under custody and administration, said it’s helping clients pull cash from Denmark and Switzerland as the central banks take measures to stem appreciating currencies.