UK Watchdog Fines BNY Mellon $185 Million

Bank of New York Mellon will pay a $185 million penalty to British regulators for failing to keep customer money safe during the financial crisis.

The fine brought by the U.K. Financial Conduct Authority settles an investigation into the bank’s practices between November 2007 and August 2013.

The British watchdog said the bank’s failure to “record, reconcile and protect safe custody assets” during that period “was particularly serious given the systemically important nature of the firms.”

The world’s largest custody bank, BNY Mellon safeguards financial assets for clients, including large institutions.

Read more: http://triblive.com/business/headlines/8177054-74/bank-mellon-bny#ixzz3XOT7DbxX
Follow us: @triblive on Twitter | triblive on Facebook

BNY Mellon Posts Third-Quarter Earnings Of $1.07 Billion

Bank of New York Mellon Corp. posted a third-quarter profit of $1.07 billion, or 93 cents per share, up from $962 million, or 82 cents per share, during the same quarter a year earlier.

Read more: http://www.post-gazette.com/business/2014/10/17/BNY-Mellon-posts-third-quarter-earnings-of-1-07-billion-Pittsburgh/stories/201410170178