BNY Mellon Reverses Losses as CEO Signals Trough in Deposits
A BNY Mellon office building in New York, US.
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Shares of Bank of New York Mellon Corp. rebounded, reversing losses of as much as 5.2% after the lender signaled an end to the slide in deposits.
The bank reported Tuesday that total deposits dropped 5% in the quarter through September from the previous three months, while assets under management at $1.82 trillion fell short of analysts’ forecasts for $1.91 trillion. Both net interest revenue and adjusted earnings per share fell 8% from the previous quarter, fueling losses in the shares.