A BNY Mellon executive warned that fund managers may not be doing enough to reflect environmental, social and governance-related missions in sustainable investments, and should do more to demonstrate those values to clients.
Wells Fargo has eliminated dozens of fixed-income analyst jobs and is cutting back on its distribution of research to clients as the bank continues to take aggressive steps to increase efficiency and cut costs.
Lower interest rates and money-market fee waivers dampened Bank of New York Mellon’s profits in the third quarter, but executives said Friday that the bank remains strong and that its strengths will become more clear as it heads into 2021.
Bank of New York Mellon has formed a strategic alliance with Saudi Arabia’s biggest custodian and asset manager to further expand its presence in the Middle East by providing banking services to institutions and big asset owners based in the kingdom.
In the latest twist in a $4 billion cryptocurrency-fraud scandal, the Bank of New York Mellon was added Thursday as a co-defendant in a class-action suit against OneCoin, which allegedly ran a Ponzi scheme that defrauded investors worldwide.
BNY Mellon said on Thursday that it is partnering with GTreasury in a new cash management venture that is meant to help its clients better track and use their balances.
Experts say a recent report about the potential laundering of trillions of dollars through the world’s biggest banks showcases a toothless regulatory system that’s regularly abused by banks, with little set to change unless direct action is taken by the government to modernize the reporting of illicit behavior.
The Bank of New York Mellon has named a former member of Goldman Sachs’s management committee as the new head of its global market infrastructure division, consolidating four of its businesses under a single leader.
Bank of New York Mellon has rolled out a new tool designed to streamline insurers’ payouts to medical and dental care providers, the latest addition to the asset servicing firm’s insurance claims and payments offerings.
An effort backed by UBS, Barclays, Banco Santander and a dozen other major banks to speed payments using digital coin equivalents of major currencies has been delayed until 2021 due to regulatory issues, according to Reuters.
The Bank of New York Mellon Investment Management has opened a new office in Taiwan and appointed a veteran of the firm to lead operations there, as the island nation continues to draw financiers away from Hong Kong.
Canadian wealth management and insurance company iA Financial Group has chosen CIBC Mellon to provide fund services and asset servicing for its operations, as iA Financial continues to modernize its business.
With shares in financial institutions hammered by the COVID-19 pandemic, Warren Buffett’s Berkshire Hathaway slashed its stakes in some of the biggest U.S. banks in the second quarter, including Wells Fargo and JPMorgan, even as it moved to bet big on Bank of America.
Wells Fargo Chief Compliance Officer Mike Roemer is leaving the bank after two years and will be replaced by a Credit Suisse executive, part of a broader shake-up in the troubled bank’s compliance department, the bank said Thursday.
BNY Mellon said on Tuesday that DekaBank’s real estate investment-focused subsidiary has selected it to provide fund administration services for the special purpose vehicles through which the German company invests its EUR 40 billion ($46.9 billion) in real estate assets.
JPMorgan Chase CEO Jamie Dimon is co-chairing a new organization of more than two dozen CEOs, including chiefs from the other Big Four U.S. banks, who will work to hire 100,000 minority and low-income young people from New York by 2030.
Nuveen is lifting geographic restrictions on some of its municipal funds to boost trading volumes in a sign that the municipal bond market is rebounding from COVID-19 shocks which triggered widespread fund outflows.
A glitch in Bank of America’s system caused some online and mobile banking users to see an incorrect $0 balance on their accounts, stirring panic among some customers who claimed they also struggled to access their money from ATMs.
Public investors are demanding holdings with a sustainability focus more than ever, with more than 90% polled in a new survey saying they either already have or are implementing policies for environmental, social and governance-related investing.
Warren Buffett continued to bet big on Bank of America stock this week, with new regulatory filings showing that Berkshire Hathaway invested another $522 million into the bank’s stock, upping its stake in the bank to nearly 12%.