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Stockreport

BNY Mellon says client losses to hit results over next few quarters [Reuters]

Bank of New York Mellon Corp (BK)  More Company Research Source: Reuters
Last bank of new york mellon corp earnings: 10/18 06:30 am Check Earnings Report
PDF BNY Mellon says client losses to hit results over next few quarters | Reuters Reuters Staff 2 Min Read (Reuters) - Bank of New York Mellon Corp’s ( BK.N ) said its second-quarter results were hurt by the loss of two clients, which will continue to have an impact over the next few quarters. Shares of the world’s largest custodian bank fell about 2 percent to $54.56 in premarket trading. The bank did not disclose the identity of the clients, but said it was working to add new clients. “We are also in the process of onboarding several large clients, which will positively impact our results, starting predominantly in the second half of next year,” Chief Executive Charles Scharf said on a post-earnings conference call. BNY Mellon reported a better-than-expected quarterly profit, helped by higher fee revenue and lower income tax provision. Provision for income tax fell 14 percent to $286 million in the second quarter. Fee revenue rose 3 percent to $3.21 billion, as the company benefited f [Read more]

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