As it continues to recover from TARP-related charges and securities losses, Bank of New York Mellon Corp. reported Tuesday that its quarterly results nearly quadrupled from a year earlier.
The company saw assets under management surge 19% from a year earlier to $1.047 trillion, but fell 5.2% from the previous quarter because of stock market declines. Fee revenue rose 1.8% to $2.56 billion.
BNY Mellon [BK] has spent the past year developing its wealth-management business. Last month, it announced that it planned to launch a unit for futures and swap trade.
BNY Mellon Asset Servicing established a global financial institutions group to support clients and prospects in the banking, mutual fund and insurance sectors.The group will be led by Nadine Chakar, who was head of Europe, Middle East and Africa asset servicing for Bank of New York Mellon. She will continue to report to Jim Palermo and Tim Keaney, co-CEO's of BNY Mellon Asset Servicing.
The company reported Tuesday a profit of $658 million, or 54 cents a share, up from $176 million, or 15 cents a share, meeting analyst expectations, according to Thomson Reuters.
The prior year included a $236 million charge related to the repayment of $3 billion it received from TARP.