Bank of New York Mellon posted second-quarter profits of $991 million, up 10% from $901 million a year earlier, on revenue that dipped 1%, hurt by low interest rates and fee waivers on money market funds.
Revenue was $3.96 billion, down from $4.01 billion. Because interest rates are so low, money fund operators have been waiving fees to prevent returns from dropping below zero.
Per-share profits rose 12% for the quarter to $1.13, up from $1.01 in the year-ago period.
“We delivered another strong quarter,” CEO Todd Gibbons said in a statement. “Our investments in digitization and open-architecture modular solutions continue to pay off,” he said.
In a conference call with analysts Thursday, Mr. Gibbons noted that the majority of the New York-based trust and custody giant’s roughly 50,000 employees would be following a hybrid model when returning to the office in September. The policy allows for a mix of days in the office and days working from home.
BNY Mellon employs thousands in the Pittsburgh region, but has declined to disclose an exact number.
Roughly 95% of the company’s global workforce has been working remotely during the pandemic.
Patricia Sabatini: PSabatini@post-gazette.com; 412-263-3066.
First Published: July 15, 2021, 1:16 p.m.
