Bank of New York Mellon also reported $779 million in investment management and performance fee income, a 7% rise from a year ago. The company attributed the increase to "higher market value and net new business." BNY Mellon also said earnings were boosted by four cents a share from a lower-than-expected effective tax rate.
Last year, BNY Mellon cut jobs and aimed to save up to $700 million by 2015 through improved operations.
Bank of New York Mellon is the world's largest custody bank.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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